L&M is committed to deploying expertise and capital to promising areas of New York that have endured long periods bereft of investment. Over the past few years, following decades of inactivity, East Harlem’s First Avenue has enjoyed a resurgence of new development north of 96th Street. In late 2004 L&M unveiled The Aspen, located at 1955 First Avenue, New York, NY. The project’s 230 rental units are divided and were financed with a first-of-its-kind allocation: 50% at market rate, 30% at middle income, and 20% at affordable rates. The Aspen received construction financed in part by the NYC Housing Development Corporation’s New Housing Opportunities Program, as well as New York State low-income housing tax credits from the State of New York. It received permanent financing from American Property Financing, Inc. and Fannie Mae in the Summer of 2005. The building also contains approximately 16,000 square feet of retail space.

In 2005, this groundbreaking development was awarded with the “Award for Excellence” at the 2005 NYSAFAH Affordable Housing Conference.