The East 125th Street Development project (E125) will span from 125th Street to 127th Street between Second to Third Avenues and when complete is expected to include 1,000 units of housing at a variety of incomes, as well as up to 700,000 square feet of commercial space—including 50,000 square feet of retail reserved for local businesses—and at least 30,000 square feet of community facilities uses, plus publicly accessible open space.
The E125 developers, The Richman Group, Equity One, and Monadnock Development, will contribute $10 million to a local investment fund to assist small businesses and entrepreneurs located in the new development. Phase 1 of the project has already delivered 49 affordable units and 5,000 square feet of retail, and the remaining phases will incorporate approximately 750 additional affordable units.
E125’s housing component will create affordable housing accessible at a range of income levels, with nearly 30% of units designated for low-income families. Of the residential units to be constructed, 40 units will be designated for families making less than 40% of AMI, 255 units for families making 40 – 60% of AMI, 200 units for families making 61 – 100% of AMI, 10 units for families making 101 – 130% of AMI, and 242 units for families making 131 – 150% of AMI.