In August 2012, the Goldman Sachs Urban Development Group (UIG) committed $44.1 million of capital to finance the redevelopment of the Educational Alliance’s 100-year old historic headquarters in Manhattan’s Lower East Side neighborhood.
Educational Alliance, one of New York’s original settlement houses, offers a wide range of programs that integrate education, social services, arts and recreation throughout lower Manhattan. Since opening in 1889, it has been an integral part of the Lower East Side community and has served more than 4 million people. Approximately 85% of the individuals served in early childhood education, youth, adult education and substance abuse programs are low-income.
The redevelopment project will transform a deteriorating community service facility to optimize space for programming and allow the Educational Alliance to increase the services it provides to the surrounding community. Approximately 67% of the children in Community District 3, where the project is located, are born into poverty, and the poverty rate for seniors in the neighborhood is the second highest in New York City.
The renovated facility will add three additional Early Head Start / Head Start classrooms and a full health and wellness center that will dedicate special programming to obesity reduction and promoting health for seniors and Early Head Start / Head Start parents.
This project was also a beneficiary of public grants, including from the Lower Manhattan Development Corporation, the New York State Office of Children and Family Services, the New York State Assembly through Dormitory Authority of the State of New York (DASNY) and from the Economic Development Corporation (EDC).