NEW YORK | 2031-2033 Fifth Avenue | FT | 20 FLOORS

The National Black Theatre, which rescued itself from a potential foreclosure five years ago, is teaming up with L+M Development Partners to redevelop its home a block from Marcus Garvey Park into a mixed-use building with 240 residential units and space for a new, 30,000-square-foot theater.
The current rezoning application is awaiting a vote by Manhattan Borough President Gale Brewer’s office after the local community board approved it last month. The proposed 20-story building on the site at 2031-2033 Fifth Avenue at the corner of 125th Street would span 241,677 square feet and include roughly 25,000 square feet of retail. Under the city’s Mandatory Inclusionary Housing program, the partners would set aside 20, 25 or 30 percent of the units as affordable housing, though they haven’t yet decided on which option to take.