Harlem: Genesis closes $529M Rangel Houses PACT deal
NYCHA closed $529M in financing on Oct. 15 to renovate eight Rangel Houses buildings with 984 apartments in Harlem, with Genesis as PACT partner.
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NYCHA closed $529 million in financing on Oct. 15 to renovate Rangel Houses in Harlem, eight buildings with 984 apartments and more than 1,800 residents, under its PACT conversion program. Genesis Companies and Community League of the Heights (CLOTH) are the development partners.
Why it matters
For builders and contractors, this is one of the larger public-housing rehab packages to reach financial close in Manhattan this year. The work is a gut-level scope inside occupied buildings, which favors firms that can phase work around residents. Lenders and tax-credit investors get a closed reference deal for historic-rehab financing on NYCHA land, a structure that other PACT projects in the pipeline can price against.
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NYCHA says the buildings were converted to Project-Based Section 8 through the federal Rental Assistance Demonstration program, and the financing draws on federal and state historic tax credits. Twin Pines Management is the managing agent.
The numbers
The $529 million covers 984 apartments, which works out to roughly $538,000 per apartment by our calculation. That is a full-rebuild figure, not a cosmetic one.
The release lists new kitchens and bathrooms, new electrical service and plumbing, facade, roof and entrance repairs, and fully electric heating and cooling through window heat pumps. It also lists flood protection, mechanical equipment moved out of basements, and stormwater and soil remediation. Because the buildings date to 1951, double-hung windows will be replaced with casement windows matching the original design. Grounds work includes a community plaza, a great lawn, an urban farm, dog parks and a playground.
NYCHA Chief Executive Officer Lisa Bova-Hiatt said, “Today’s financial closing unlocks the funding to deliver comprehensive renovations to nearly 1,000 apartments.”
The release does not name the lenders or investors, and it gives no per-unit figure. The per-apartment number above is ours.
What’s next
Construction will proceed in phases over about four years, according to NYCHA, and each household will receive a copy of the Community Plan when work starts. Subcontract and procurement activity should follow the start of construction. Developers tracking the PACT pipeline can compare this closing with other deals on our New York market page. For a different side of New York housing, see our report on 29 Class C violations at 1007 Grant Ave.
Quick answers
- What is the latest on Genesis Companies in New York?
- NYCHA closed $529M in financing on Oct. 15 to renovate eight Rangel Houses buildings with 984 apartments in Harlem, with Genesis as PACT partner.
- What are the key numbers for Genesis Companies?
- financing closed: $529M; apartments: 984; buildings: 8; construction phasing: ~4 yrs.
- Where does the information on Genesis Companies come from?
- The story cites NYCHA.
On the record
$529M across 984 apartments works out to about $538,000 of financing per apartment (our calculation from the release figures)
Our data · nyc.gov
Primary record
- Public recordFinancing closed Oct. 15, 2026; construction is phased over roughly four yearsView the record on nyc.gov