3875 Ninth Avenue
Update
02/09/23
Devs Land $414M Loan for Massive Inwood Affordable Housing Project
Developer, , and general contractor, , have just obtained a $414 million loan for a 30-story, mixed-use project, set to rise at 3875 Ninth Avenue (alternately addressed as 375 207th Street) in Manhattan's Inwood neighborhood. Issued by the NYC Department of Housing Preservation and Development, this considerable chunk of change will be used to fund all construction costs from the ground up.
Dubbed "Sherman Creek North Cove", the building will contain residential units, all of which are to be dedicated to affordable and middle-income housing programs. Tenant amenities are to include communal terraces and a fitness center.
In addition to its residential component, the building will feature square feet of retail space, located on the 1st and 2nd floors. Plans also call for 455 square feet of community facility space, and an enclosed parking garage, with enough room for vehicles. The property will feature outdoor recreation space, along the Harlem River waterfront as well.
Designed by , 3875 Ninth Avenue will total square feet. Set to stand feet tall, it will become the tallest structure in all of Inwood when it ultimately completes.
Excavation initially started in August of 2018, but due to local public outcry, sparked by a large rezoning plan for Upper Manhattan, the square foot project site has sat more or less vacant in the time since. The development was later approved, however, in August of 2021.
With funding now available to see the project to completion, construction should be able to proceed without issue. At this time, it's unclear when work is slated to finish, but a 2-3 year timeframe is reasonable to assume for a structure of this size.
