West 120-126 Street Cluster

About the project

Novis Living is a privately held, fully integrated real estate organization involved in the ownership, construction, management, leasing, and development of multi-family, office, retail, and industrial properties. Incorporated in 2021, Novis (and its related entities) have a track record of assembling and leading project teams capable of successfully delivering complicated projects with public-private elements and complex financing structures.

Novis Living is headquartered in New Jersey and works throughout New York state.

LISC provided a $2.81 million construction loan to support the rehabilitation of 55 rental units across four buildings into co-op homes in Central Harlem. The New York City Department of Housing Preservation and Development (HPD) and Capital Impact Partners (CIP) provided an additional $28.5 million in financing. The buildings will be substantially rehabilitated under the HPD’s Affordable Neighborhood Cooperative Program (“ANCP”), which selects qualified developers to rehabilitate distressed New York City-owned and occupied multi-family properties, to create affordable cooperatives for low- and moderate-income households. Twenty-two existing families will have the opportunity to purchase their long-time units at $2,500 each. Twenty-six vacant units will be sold through an HPD housing lottery to families earning up to 90% of the area median income.