Dan Hollander’s DHA Capital is close to signing a 99-year land lease for a handful of properties on 125th Street in Harlem that will pave the way for a 200-unit rental building, The Real Deal has learned.
DHA is signing the lease with Harlem landlord the Fata Organization covering a handful of properties fronting 150 feet along the southern side of the street near Lenox Avenue, a source close to the deal said.
The developer’s proposed building, designed by GF55 Architects, would rise 15 stories and span 185,000 square feet, including several floors of retail.
DHA declined to comment, and Fata couldn’t be reached by press time.
Located near the corner of 125th Street and Lenox Avenue, the site sits amid a handful of projects that promise to transform the busy throughfare’s character in the next few years. Across Lenox, Jeff Sutton’s Wharton Properties is developing a five-story, 180,000 square-foot shopping center with Whole Foods taking 40,000 square feet.
On the opposite side of 125th Street, developers are expected to break ground on the long-stalled conversion of the Victoria Theater into a Renaissance Hotel by Marriott and a mixed-income, 200-unit rental tower the Lam Group is developing.
Three blocks to the east, Ian Bruce Eichner’s Continuum Company is working on the first phase of a 680-unit rental building. One block further down, Extell bought a site last year with 450,000 buildable square feet.