Heritage eyes $105M condo sellout in East Harlem

After nixing rentals, developer is planning 72 units at 1399 Park

Apr.April 07, 2016 11:00 AM

After scrapping plans to develop a luxury rental building in East Harlem, Heritage Real Estate Partners is targeting a $105 million sellout at its forthcoming condominium at 1399 Park Avenue.

The glass-and-stone building, at the corner of 104th Street, will have 72 condos and a commercial unit, according to an offering plan filed with the attorney general’s office. Plans also call for a mix of studios and one-bedroom apartments, as well as 19,000 square feet of community space.

Heritage declined to comment.

Last week, the Jeremy Markowitz-led firm received a $60 million construction loan for the project from Madison Realty Capital.

Heritage and Markowitz spent two years assembling the East Harlem site. In late December 2014, Heritage paid $12 million for five lots on Park Avenue between 103rd and 104th streets, and it later spent at least $1.4 million more on development rights and easements, according to city property records.

Initial plans called for a 108-unit rental building at the site, as The Real Deal reported.

Earlier this year, the developer switched paths, and filed a “test the market” application with the AG, indicating the building was being positioned as a condominium.

The Corcoran Group is marketing the project, which will be designed by Goldstein, Hill & West Architects.

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