Updated Oct 20, 2026
New York City Housing Authority Secures $529 Million Loan For Rangel Houses Renovation In Harlem
159-44 Harlem River Drive
$529,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 16, 2026
About this deal
AI
Rangel Houses is a multifamily property located in Harlem, Manhattan, consisting of nearly 1,000 apartments. This public housing complex is managed by the New York City Housing Authority and serves more than 1,800 residents. The property has recently closed a financing deal worth $529 million aimed at renovation efforts.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $529,000,000
- Address: Rangel Houses
- Market: Harlem, Manhattan
- Landlord: New York City Housing Authority
The transaction marks a significant financing achievement by NYCHA, facilitating improvements to the living conditions within the Rangel Houses complex, thereby enhancing the community it resides in.
On the Map
$529,000,000
Development Site
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93