Heritage Real Estate scores $60M loan for 23-story Harlem condo

Madison Realty Capital provides construction financing for 1399 Park Avenue

TRD New York /
Mar.March 31, 2016 04:45 PM

Jeremy Markowitz’s Heritage Real Estate Partners received a $60 million construction loan from Madison Realty Capital for its planned 23-story luxury condominium building in East Harlem.

Heritage’s glass-and-stone building at 1399 Park Avenue is slated to hold 72 condos as well as 19,000 square feet of community facility space on the lower floors, Madison Realty Capital said in a statement Thursday.

The developer has started foundation work at the property after two years spent assembling the site, located on the corner of East 104th Street. The planned residential building will feature a mix of units ranging from studios to four-bedroom apartments, with amenities including a fitness center and communal rooftop terrace.

The Corcoran Group is handling sales for the Goldstein, Hill & West Architects-designed project.

Heritage filed a “test the market” application with the state Attorney General’s office earlier this year, indicating that the developer was positioning 1399 Park Avenue to hold condos.

Previous plans for the property called for a 108-unit building spanning 94,000 square feet of residential space that was widely reported to hold rental units.

Markowitz’s firm acquired the East Harlem parcel for $12 million in late 2014. Markowitz declined to comment on the project and the construction financing. – Rey Mashayekhi


Related Articles

arrow_forward_ios
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)

Corcoran to shut down office in building partly owned by Barbara Corcoran

Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Welcome to Queens: Corcoran opens first borough outpost
Corcoran CEO & President Pamela Liebman (Credit: iStock)

Corcoran begins new lead-gen push via Facebook ads

Corcoran begins new lead-gen push via Facebook ads
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
Brian Harris, CEO of Ladder Capital (Credit: iStock)

“What, me worry?” Ladder Capital says it can easily meet margin calls

“What, me worry?” Ladder Capital says it can easily meet margin calls
Quarantine Cribs

TRD Quarantine Cribs: Take a tour of Cathy Franklin’s whiskey distillery & home

TRD Quarantine Cribs: Take a tour of Cathy Franklin’s whiskey distillery & home
Ladder Capital's Brian Harris and Madison Realty Capital's Josh Zegen (Credit: Ladder Capital; Madison Realty Capital)

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff
arrow_forward_ios

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

Loading...