Friedland secures $182M loan for Flatiron resi project

Of the 288 apartments, 58 to be affordable 

New York /
Jun.June 12, 2015 03:35 PM

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.


Related Articles

arrow_forward_ios
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
April leases soared across city; so did concessions
April leases soared across city; so did concessions
Council member Ben Kallos and Airbnb CEO Brian Chesky (Getty, iStock)
City Council bill would tighten screws on Airbnb
City Council bill would tighten screws on Airbnb
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Opendoor CEO Eric Wu (iStock)
Opendoor revenue bounces back in Q1
Opendoor revenue bounces back in Q1
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
arrow_forward_ios

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

Loading...