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Deals & Dealmakers

Nelson, L+M Riverdale complex ‘redefining affordable luxury’

With an ambitious transformation program well underway, Nelson Management Group and L+M Development Partners yesterday (Tuesday) unveiled the first renderings for Promenade Apartments in Riverdale.

Perched above the water at 150 West 225th Street, the 318-unit waterfront tower is in the midst of a full-scale capital improvement initiative.

The 33-story, 312,000 s/f property is managed by Nelson Management Group.

The new renderings of the Promenade Apartments by the landscape architects Abel, Bainnson Butz, LLP include views of the new outdoor deck that overlooks the Hudson and East Rivers and a children’s playground.

The property’s full-scale makeover is being undertaken by Nelson 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).

The upgrades include renovations to interior common areas, lobby, hallways and individual units.

Amenities will include the new outdoor deck, state-of-the-art gym and a two-story, gated parking lot.

“These much-needed, all-encompassing renovations will redefine affordable luxury living in New York City and propel Promenade Apartments into a new era,” said Robert. S. Nelson, president of Nelson Management Group and principal of Global One Investments.

“This appealing venue is located less than a half hour from Midtown Manhattan,” he said. “And it’s complemented by a growing roster of amenities tailored to the needs of the property’s diverse range of established and new tenants, who will benefit from a new level of quality living at Promenade Apartments.”

The renovated one-, two- and three-bedroom apartments  each have a private balcony.

The owners have also installed four new elevators, a new, high-efficiency heating system, two new gas boilers, LED lighting, and a new roof. There is a 24-hour doorman and a state-of-the-art security camera system throughout the entire development.

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