Harlem’s PS90 condo 100 percent sold

New York /
Jan.January 30, 2012 01:00 PM

L+M Development Partners’ PS90, a 75-unit redevelopment of a circa 1905 elementary school at 220 West 148th Street in Harlem, is officially sold out, Halstead Property Development Marketing, the exclusive marketing agent for the condominium, announced today.

PS90 — one of several L+M projects financed through a $100 million dedicated fund with Goldman Sachs Urban Investment Group — hit the market in 2009, at the height of the downturn, composed of a mix of studios, and one-, two-, and three-bedroom units ranging in size from 760 to 1,630 square feet and in price from $425,000 to $899,000. Closings and move-ins began in September 2010.

“We are extremely proud to reach a successful conclusion at PS90,” said Lisa Gomez, executive vice president of development at L+M Development Partners.

As The Real Deal previously reported, the slow sales progress at PS90 means L+M won’t make a profit on condo sales at the project. “We’re paying a big interest rate to Goldman for their mezz,” L+M founder Ron Moelis said in October, when there were only four units remaining at the development, “so if it takes a long time to sell, that means it hurts.”

However, L+M won’t lose money on PS90, Moelis said, in part because having a construction division provides an additional source of income. — Katherine Clarke


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Adam Neumann with 515 West Avenue (Wikipedia, Realtor, iStock)
No buzz, but Adam Neumann will take the $293M
No buzz, but Adam Neumann will take the $293M
William Vale Hotel in Williamsburg, Brooklyn (iStock, William Vale, Illustration by Kevin Cifuentes for The Real Deal)
Avi Philipson–led group to buy William Vale hotel
Avi Philipson–led group to buy William Vale hotel
Clockwise from top: Mayor Eric Adams, Bruce Teitelbaum, Adrienne Adams and Suri Kasirer (Getty/Adams via Paul Dilakian)
A make-or-break moment for NYC’s housing crisis
A make-or-break moment for NYC’s housing crisis
Order your copy now: “The New Kings of New York” arrives today
Order your copy now: “The New Kings of New York” arrives today
Order your copy now: “The New Kings of New York” arrives today
Photo illustration depicting landlords being outearned by their lenders (iStock)
More multifamily landlords are making less than their lenders
More multifamily landlords are making less than their lenders
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...