The Brodsky Organization has obtained a $120 million construction loan to begin building a 19-story Upper East Side condominium in January, Crain’s reported.
The developer bought the property from Hunter College, which previously used the land for its school for social work, for $65 million in 2008 and had been waiting to develop it ever since. But as part of the purchase agreement, Brodsky had to replace the social work school at a site in Harlem, on Third Avenue between 118th and 119th streets, before it could begin construction. That school is now open, Crain’s said.
The condominium will rise on 79th Street between Park and Lexington avenues, and will be competed by the end of 2013, with units asking about $3,000 per square foot. Daniel Brodsky, owner of the development firm, hopes the building’s large units will appeal to families who want to send their children to the prestigious private schools nearby. [Crain's]