ColonPlaza is a 55 unit affordable multi-family housing development located on three city-owned lots at 55 East 115th Street between Park and Madison Avenues in the East Harlem section of Manhattan. The project includes six studio apartments at 460 square feet; 24 one bedroom apartments at 620 square feet; and 25 two-bedroom apartments at 810 square feet (including a superintendent unit). The base of the building consists of commercial space with medical & dental offices, as well as community office space. The building also offers a laundry room, community meeting room, open space and garden for the residents.
Nearly 40% of the residents in the area receive some type of public benefit income and, despite the presence of more than 17,000 local public housing units, there still exists a severe shortage of affordable housing in East Harlem. The Colon Plaza project worked to address this issue by creating 100% affordable units at 60% or less of the Area Median Income (AMI). In addition, eleven families who reside here have incomes below 50% AMI.
The total development cost was approximately $18 million. Sources of funding for the project included New York State Housing Finance Agency tax exempt bonds, Housing Finance Agency Empire Funds, and low income tax credits, New York City Department of Housing, Preservation & Development Mixed Income Rental Program Funds, and Federal Home Loan Bank of New York Affordable Housing.