Heritage Real Estate’s 1399 Park Avenue going condo

Jeremy Markowitz-led firm files AG plans for 72-unit building in East Harlem

New York /
Jan.January 26, 2016 09:30 AM

Jeremy Markowitz’s planned 23-story East Harlem residential tower looks set to hold condos, after the developer’s Heritage Real Estate Partners filed a “test the market” application with the state attorney general’s office.

Heritage’s original plans for 1399 Park Avenue, located between East 103rd and East 104th streets, called for a 108-unit development spanning 94,000 square feet of residential space that – thanks in part to a relatively low average unit size of around 870 square feet – was widely reported to hold rentals.

But the developer’s filing with the AG’s office on Jan. 21 indicates the project will now hold 72 condo units, boosting the building’s average unit size to around 1,300 square feet and putting it more on par with new condo development inventory.

Heritage acquired the East Harlem lot for $12 million in late 2014. The developer’s plans for the Goldstein, Hill & West Architects-designed project also include 20,000 square feet of community space on the ground floor and a 54-car parking garage.

“This was a site we have been working on assembling for the past three years that involved assembling five lots, two air rights parcels and multiple easements,” Markowitz told The Real Deal last March.

Heritage Real Estate Partners could not be immediately reached for comment.


Related Articles

arrow_forward_ios
85 Jay Street in Dumbo and 515 West 29th Street in Chelsea (Photos via Winick, SCDA Architects)
Here are the new developments offering the most buyer incentives
Here are the new developments offering the most buyer incentives
G4's Jason Behfarin and Robyn Sorid with a rendering of the Cascade complex
Sprawling Bed-Stuy condo complex lands $105M in financing
Sprawling Bed-Stuy condo complex lands $105M in financing
Extell's Gary Barnett and One57 (Getty)
One57 is 90% sold: Extell announces Q1 sales
One57 is 90% sold: Extell announces Q1 sales
Douglas Elliman chairman Howard Lorber, Corcoran CEO Pam Liebman and 53 West 53rd. (Giles Ashford, Getty)
Elliman takes over marketing at MoMA tower
Elliman takes over marketing at MoMA tower
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
Centrale at 138 East 50th Street and Ceruzzi president Arthur Hooper (The Centrale NYC, Hooper via Sasha Maslov/Illustration by Kevin Rebong for The Real Deal)
Korean lender sues for $40M over Ceruzzi condo mezz loan
Korean lender sues for $40M over Ceruzzi condo mezz loan
(iStock/Illustration by Kevin Rebong for The Real Deal)
The year ahead for Manhattan’s struggling condo projects
The year ahead for Manhattan’s struggling condo projects
Chris Jiashu Xu and Long Island City's Skyline Tower. (Skyline Tower)
Closings underway at Queens’ tallest building
Closings underway at Queens’ tallest building
arrow_forward_ios

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

Loading...