The Real Deal New York

This developer is aiming for a $91M sellout for a Harlem condo project

11 Hancock Place will have 71 resi units, a filing shows
By Meenal Vamburkar | October 25, 2018 04:30PM

A rendering of 11 Hancock Place with money (Credit: iStock and CityRealty)

Developer Chaim Nortman is seeking a $91.25 million sellout for his Harlem development at 11 Hancock Place, a filing with the New York state Attorney General’s office shows.

The condo building will have 71 residential units and include commercial space, according to the offering plan. The developer filed a “test the market” application earlier this year, allowing it to start some marketing activities before drafting a complete offering plan.

The development company and developer’s attorney couldn’t immediately be reached for comment.

Plans previously filed with the Department of Buildings show the structure will have about 74,000 square feet of residential space and roughly 21,000 square feet of commercial. The building will include bicycle storage and private roof terraces.

Nortman bought the LaGree Baptist Church at 362 West 125th Street in 2016 and later demolished it. In January, he bought additional air rights and filed updated construction permits for a new 12-story building, designed by Issac & Stern Architects.

Prior to 11 Hancock Place, Nortman invested in rentals in Harlem. In 2016, he sold a seven-building portfolio of multifamily buildings for $37 million.

Other churches in Harlem have also sold to developers in recent years. Last year, Metropolitan African Methodist Episcopal Church sold its building at 58 West 135th Street to billionaire Moujan Vahdat for $10 million — though records show Vahdat eventually paid only $1.25 million. Morning Star Pentecostal Chapel at 308 West 133rd Street will also become a condo building after developer Levy Balkany bought the property for $4 million.