$97.8M Financing Closes for Harlem Affordable Housing Redevelopment

• LDG Group LLC, Infinite Horizons, L+M Development Partners, and Urbane Development Group secured $97.8 million in financing for the redevelopment of the former Lincoln Correctional Facility in Harlem.
• The project will create 105 affordable cooperative homeownership units for households earning between 40 percent and 100 percent of the area median income.
• The 22-story development will become the tallest fully affordable homeownership project in New York City, designed to meet Passive House certification standards.

What the Lincoln Correctional Facility Redevelopment Includes

Construction is officially moving forward on the transformation of the former Lincoln Correctional Facility in Harlem after the development team closed on more than $97 million in financing for the project. The redevelopment is being led by LDG Group LLC, Infinite Horizons, L+M Development Partners, and Urbane Development Group, a development partnership selected by New York State in 2023 to repurpose the long-vacant correctional facility site. Once completed, the project will deliver 105 affordable cooperative homeownership units targeting households earning between 40 percent and 100 percent of the area median income. The development will also include approximately 6,000 square feet of community facility space focused on arts, education, and cultural programming.

What the Project Means for Affordable Homeownership

The redevelopment is notable because affordable homeownership opportunities remain extremely limited across New York City, particularly in neighborhoods surrounding Central Park and Upper Manhattan. The project aims to create long-term pathways toward generational wealth and housing stability for Harlem residents through cooperative ownership rather than traditional rental housing. Ken Morrison emphasized the project’s personal connection to Harlem and its broader community impact.

“This development demonstrates what is possible when government, elected officials, and private partners come together with creativity and purpose,” Morrison said.
James Johnson-Piett described the project as an opportunity to transform a former correctional facility into “an engine of generational wealth.”

What Makes the Development Different

At 22 stories, the building is expected to become the tallest 100 percent affordable homeownership project in New York City, designed to meet Passive House standards. The all-electric development will feature energy-efficient and resilient building systems aimed at reducing long-term operating costs for future residents. Planned amenities include a community room, children’s playroom, coworking lounge, multiple terraces, and views overlooking Central Park. The project is also receiving support from multiple city and state agencies, including Empire State Development, New York State Homes and Community Renewal, HPD, NYSERDA, and M&T Bank.

What Officials Say About the Harlem Redevelopment

Governor Kathy Hochul said the project reflects New York’s effort to repurpose underutilized state-owned property into long-term affordable housing opportunities.

“This project will turn a long-vacant site in Harlem into permanently affordable homes for working households while delivering community space, sustainable design and new opportunities for generations of New Yorkers,” Hochul said. Hope Knight said the redevelopment represents a broader commitment to transforming underused sites into community-centered projects focused on housing and economic growth.

What the Project Could Mean for Harlem

The redevelopment of the former correctional facility reflects a growing trend across major cities where outdated or vacant government-owned properties are being repositioned into mixed-use affordable housing developments. For Harlem, the project could become one of the more significant affordable homeownership initiatives in recent years, particularly because of its focus on ownership opportunities rather than rentals alone. Once completed, the development is expected to reshape a long-vacant site into a new residential and community hub directly across from Central Park