The Real Deal New York

Heritage Real Estate’s 1399 Park Avenue going condo

Jeremy Markowitz-led firm files AG plans for 72-unit building in East Harlem

January 26, 2016 09:30AM
By Rey Mashayekhi

1399 Park Avenue

Rendering of 1399 Park Avenue in East Harlem (credit: GHWA)

Jeremy Markowitz’s planned 23-story East Harlem residential tower looks set to hold condos, after the developer’s Heritage Real Estate Partners filed a “test the market” application with the state attorney general’s office.

Heritage’s original plans for 1399 Park Avenue, located between East 103rd and East 104th streets, called for a 108-unit development spanning 94,000 square feet of residential space that – thanks in part to a relatively low average unit size of around 870 square feet – was widely reported to hold rentals.

But the developer’s filing with the AG’s office on Jan. 21 indicates the project will now hold 72 condo units, boosting the building’s average unit size to around 1,300 square feet and putting it more on par with new condo development inventory.

Heritage acquired the East Harlem lot for $12 million in late 2014. The developer’s plans for the Goldstein, Hill & West Architects-designed project also include 20,000 square feet of community space on the ground floor and a 54-car parking garage.

“This was a site we have been working on assembling for the past three years that involved assembling five lots, two air rights parcels and multiple easements,” Markowitz told The Real Deal last March.

Heritage Real Estate Partners could not be immediately reached for comment.

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