UPDATED, May 10, 2021, 4:30 p.m.: A joint venture between the Hakimian Organization and Certes Partners is moving forward with an apartment project in East Harlem.
Scale Lending, the financing arm of Slate Property Group, provided Hakimian, Certes Partners and Red Pine Capital Partners with a $59 million construction loan for the project at 212 East 125th Street, the lender told The Real Deal.
The development, dubbed the Enclave, will span 140,000 square feet with 113 units, 30 percent of which will be set aside as affordable. The two-building complex will stand at 12 stories at the block-through site between 125th and 124th streets near Third Avenue.
Hakimian and its partner bought the site in two transactions: the northern portion for $10 million in a bankruptcy auction in 2018, and the remaining for $9.6 million on an off-market deal in 2020, according to property records. The developer first filed plans for the project in November 2019, months before the city shut down because of the pandemic.
Now, with a reopening date in sight, there’s been a flurry of real estate activity. Office landlords are preparing for the return of workers, and employees coming back from out of town are hunting for apartments.
“As the commercial real estate market continues to adjust to improving conditions, we are enthusiastic about working with the sponsorship to help them deliver a high-quality residential experience,” Martin Nussbaum, co-founder of Slate Property Group and Scale Lending, said in a statement
The developers said they were “excited to provide high quality housing as well as new and exciting retail venues on the rapidly expanding 125th corridor, adjacent to the brand new express train station.”
Cushman & Wakefield, which arranged the financing, did not immediately respond to a request for comment.
Update: This story has been updated to include a comment from the developers.