Manhattan’s Latest Affordable Housing Gem, Los Tres Unidos
HVPG, along with partners Nuevo El Barrio para la Rehabilitacion de la Vivienda y la Economia (NERVE) and NCV Capital Partners, acquired Los Tres Unidos Apartments at 1680 Madison Ave. in 2017 for $57 million, according to Yardi Matrix data. Immediately after, NERVE sought partners to bring capital improvements to the community. Now, Nuveen will enter the joint venture with an investment, along with HVPFII to aid long-term preservation. Among others, the $85.1 million recapitalization will help repair sidewalks, replace the roof and add free Wi-Fi.
All 135 units at Los Tres Unidos Apartments benefit from Section 8 vouchers, as well as from an Article XI tax abatement regulatory agreement with HPD. Originally built in 1982, the property comprises a mix of one- to three-bedroom floorplans. Los Tres Unidos Apartments is surrounded by several dining, retail and entertainment options, with the Central Park North metro station less than half a mile to the west and Mount Sinai Hospital less than a mile to the south.