Edward Poteat, who for the past nine years has taught “Affordable Housing Financing” at Columbia University’s Graduate School of Architecture, is a professor who practices what he teaches.
As lead developer for Marcus Garvey Village in Harlem, Poteat and his firm, Carthage Real Estate Advisors, are spearheading construction of a 300,000-square-foot, 18-story mixed-income project with 330 residences, of which 50% will be designated affordable income.
“Students finish my courses with an understanding of how contextual development can provide desirable affordable housing, while still being profitable to build and operate,” said Poteat. “The takeaway is there are resources to build residential projects that provide benefits for entire communities.
“Unfortunately for New York City, the most complicated financial structuring is for multifamily developments that are 100% affordable,” he continued. “But with more 50-50 projects in the pipeline, we can still aspire to greater economic parity in what and where we build.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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