Heritage eyes $105M condo sellout in East Harlem

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

New York /
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.


Related Articles

arrow_forward_ios
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
Sheldon Solow (Getty)

Billionaire developer Sheldon Solow dies at 92

Billionaire developer Sheldon Solow dies at 92
Peter Koo and the Flushing waterfront (Facebook, Flushing Waterfront, rendering by Jeff Strikeman Architectural Art)

Flushing … another project down the toilet?

Flushing … another project down the toilet?
Photo-illustration (images via Getty)

Kiss the ring: City pols weigh heavy on development in these major markets

Kiss the ring: City pols weigh heavy on development in these major markets
Alex Sapir’s family closes on luxury condos at Sapir’s Miami development

Alex Sapir’s family closes on luxury condos at Sapir’s Miami development

Alex Sapir’s family closes on luxury condos at Sapir’s Miami development
A rendering of the Flushing waterfront and City Planning commissioner Michelle de la Uz (Rendering via Hill West Architects; New York Housing Conference)

City Planning approves Special Flushing Waterfront District

City Planning approves Special Flushing Waterfront District
arrow_forward_ios

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

Loading...