The Real Deal New York

Heritage Real Estate scores $60M loan for 23-story Harlem condo

Madison Realty Capital provides construction financing for 1399 Park Avenue

March 31, 2016 04:45PM

1399 Park Avenue

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

Jeremy Markowitz’s Heritage Real Estate Partners received a $60 million construction loan from Madison Realty Capital for its planned 23-story luxury condominium building in East Harlem.

Heritage’s glass-and-stone building at 1399 Park Avenue is slated to hold 72 condos as well as 19,000 square feet of community facility space on the lower floors, Madison Realty Capital said in a statement Thursday.

The developer has started foundation work at the property after two years spent assembling the site, located on the corner of East 104th Street. The planned residential building will feature a mix of units ranging from studios to four-bedroom apartments, with amenities including a fitness center and communal rooftop terrace.

The Corcoran Group is handling sales for the Goldstein, Hill & West Architects-designed project.

Heritage filed a “test the market” application with the state Attorney General’s office earlier this year, indicating that the developer was positioning 1399 Park Avenue to hold condos.

Previous plans for the property called for a 108-unit building spanning 94,000 square feet of residential space that was widely reported to hold rental units.

Markowitz’s firm acquired the East Harlem parcel for $12 million in late 2014. Markowitz declined to comment on the project and the construction financing. – Rey Mashayekhi