UMEZUpper Manhattan Empowerment Zone
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Harlem's billboard environment indirectly reinforced this HBA campaign, for it displays a changing African-American fashion landscape that links commerce, ethnicity, and progress as the ideals of UMEZ.
Since it's inception in 1994, UMEZ has invested approximately $100 million into upper Manhattan.
UMEZ, which is based in Harlem, has received praise--and much criticism.
UMEZ has also extended low-interest loans to African American and Latino businesses, including Hue-Man Bookstore (the country's third largest black bookstore), Mobile Woods, and several black-owned restaurants, including Well's, which is now closed.
His work in that sector translated well to his role at UMEZ and, later at AREA, which he joined in 2003 when it was still Apollo Real Estate Advisors, a global investment firm that emerged as an international giant by investing in distressed property markets in the United State the early 1990s.
In the fall of 2005, UMEZ approved a $15 million Business Investments loan and $40 million in triple-tax exempt Empowerment Zone Bonds that will help turn the 6.
This is an opportunity to jumpstart a development equivalent to Harlem USA," said Paul Quintero, senior vice president of business investments with UMEZ.
The Harlem Piers reclamation represents a renewal of one of the City's most important waterfront resources," said UMEZ President & CEO Ken Knuckles.
Cindy Wenig, a partner in the real estate practice of Chadbourne & Parke, represented UMEZ in the transaction, which was its first mezzanine loan.
We are truly excited about the Upper Manhattan Commercial Real Estate Database," said UMEZ president and CEO Terry C.
UMEZ announced in March plans for Gotham Plaza, a 90,000 SF retail and office development on East 125th Street between Third and Lexington Avenues.