Nelson, L&M complete mixed-income makeover

Nelson Management Group and L+M Development Partners announced the completion of the full-scale makeover for the Promenade Apartments located at 150 West 225th Street in the Bronx.

Since the property was purchased in 2013, building systems such as the elevators, boilers, and roof have been replaced, along with a complete renovation of all common areas including hallways, lobby and the outdoor plaza and deck.

Promenade residents can take advantage of this summer’s warm weather by enjoying the outdoor deck overlooking the river, which comes equipped with lounge chairs, a pergola, and a children’s play area.

The 33-story, 318-unit apartment building now also offers residents a new laundry room, community room and a two-story covered and gated parking garage. Starting in 2018, a state of the art fitness center will be opened.

The property’s capital improvement program was undertaken by Nelson Management Group, through its investment arm Global One Investments led by principals Robert Nelson and Michael Gerstein, and L+M Development Partners, through its New York Affordable Housing Preservation Fund (NYAH).

“Promenade Apartments offer residents the luxury of proximity to Midtown Manhattan, but from the comfort of a quieter environment along the Hudson River waterfront, at an affordable cost,” said Nelson, president of Nelson Management Group and principal of Global One Investments.

“With the renovations and new amenities, we are redefining affordable luxury living in New York City, with Promenade Apartments as a prime example of our continued commitment to offer the best for our residents.”

“Promenade Apartments redefines what affordable housing looks like,” said Eben Ellertson, Managing Director of Acquisitions for L+M Development Partners. “We are proud to have played a role in improving the property and delivering new amenities for current and future residents.”

The building offers a mix of one- two- and three bedroom apartments, ranging from 650 to 1200 s/f.

Each apartment features a private balcony, Quartz counters, high-end stainless-steel appliances, microwave ovens, open kitchens and California closets. The development also includes an advanced security camera system throughout the building and a 24-hour attended lobby.

Promenade Apartments, which is situated on a waterfront area along the Hudson River, is located minutes from the River Plaza shopping mall and the Riverdale neighborhood. A few blocks away from the apartments, is NYC’s expansive Van Cortlandt Park, which provides horseback riding lessons, track and field facilities, baseball and football fields, and hiking trails.

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