The Real Deal New York

Friedland secures $182M loan for Flatiron resi project

Of the 288 apartments, 58 to be affordable 
By Rey Mashayekhi | June 12, 2015 03:35PM

Friedland Properties secured a $182 million mortgage to fund its planned 17-story residential development at 7 West 21st Street in the Flatiron District, according to property records filed with the city Friday.

The Lenox Hill-based, Friedland family-owned real estate investment firm received funding from Wells Fargo Bank, through the New York State Housing Finance Agency, for the mixed-use development located between Fifth and Sixth avenues. Friedland closed the financing deal May 28, records show.

The residential project will house 230 market rate apartments as well as 58 affordable housing units, according to mortgage documents, while the building will also include 8,000 square feet of retail space and a 200-car underground parking garage.

Morris Adjmi Architects is designing the single-building, through-block development, which is slated to rise on a parking lot Friedland acquired in 2013. Friedland Properties did not respond to requests for comment.