Browse > Home / Latest, News/Features / African Group Looks to Buy E. Tremont Ave. Building

African Group Looks to Buy E. Tremont Ave. Building

March 5, 2010

EAST TREMONT AVENUE BUILDING

THE NATIONAL COUNCIL OF GHANAIAN ASSOCIATIONS HAS ITS EYE ON THIS EAST TREMONT AVENUE BUILDING (PHOTO: J. FERGUSSON)

By REBECCA THOMAS

The office building at 151 E. Tremont Avenue could become a thriving hub of African culture, unless the recession sinks this deal too.

The Department of Housing Preservation and Development (HPD) currently owns the two-story building, which it advertised for sale in early 2009. A not-for-profit community organization, the National Council of Ghanaian Associations (NCOGA), put in the highest bid – $1.5 million – in May 2009 but has struggled to get a loan.

HPD currently uses the building, on the corner of Creston Avenue, as office space for its Bronx Neighborhood Preservation program. To cut costs, it will move these offices to a building on Arthur Avenue where it already houses another Bronx HPD program. This will also allow it to generate revenue from the sale of 151 E. Tremont.

The deal is currently at a standstill because the NCOGA is finding it difficult to get funding. “Due to the current financial climate, the banks are not giving loans to not-for profit organizations such as ours,” said Ivy Rose Quarshie, president of the association, in an email. The association is exploring other options for financing the sale, she said.

Community Board 5 approved the sale of the HPD building to the association, after they were satisfied that the building would improve the local area.

“Our concern was that it would be sold and stand empty and not contribute to the community,” said Xavier Rodriguez, the community board’s district manager. “But as long as it is providing services or employment, that is fine.”

“The property will be used as a cultural center,” said Quarshie. “We will teach our youth the African culture, use the facility as senior center for Ghanaians and Africans and tutor high school students.” It would also be used for community events, funeral receptions and outreach programs.

The NCOGA is an umbrella group of 14 different organizations. Combined they have a membership of over 10,000, according to Quarshie.

While the organization has yet to secure the necessary funding, neither has Meganomics, the building’s second higher bidder. Due to the confidentiality of the negotiation, the HPD did not release further information about Meganomics.

Written by admin · Filed Under Latest, News/Features 

Comments

Got something to say?