Real estate in brief
Building begins at two new Harlem housing developments
Construction has started at the Balton and Douglass Park, two new affordable housing developments in Harlem. The two new apartment buildings will consume almost an entire city block between 127th and 128th streets and St. Nicholas Avenue and Frederick Douglass Boulevard. Combined, the two buildings will provide 226 new housing units. The Richman Group Development project, built in part through funds from the Tax Credit Assistance Program, is seeking silver LEED certification. It is expected to create about 1,050 construction jobs.
Television production center switches to bio-diesel
Kaufman Astoria Studios, the 17-year home of Sesame Street, has become the largest commercial user of a bio-diesel-blended heating oil known as METRO’s Greenheat, according to a press release from the two entities sent today. The multi-stage facility has pledged to purchase 80,000 gallons of Greenheat annually. The 90-year-old studio space marks one of the largest film and television production studios on the east coast, and it will save an estimated 70,000 tons of Carbon Dioxide by switching fuels.
LA-based asset management group opens NYC office
Los Angeles-based Mesa West Capital has opened a New York City office, according to a release, tapping Raphael Fishbach, former director of the real estate at asset management firm Ramius, to head the office. Mark Zytko, co-CEO of Mesa West, said that expanding its offices will give the company a better scope in its investments. “Mesa West will continue its Western focus, but having Raphael in New York provides a better foothold to consider east coast properties,” Zytko said. “Importantly, while our deals are generally located in the West, many of our borrower and mortgage broker relationships are based in and around New York.”
Gumley brought on to help Corcoran with sale of final units at 995 Fifth Avenue
The last two remaining residences at 995 Fifth Avenue will be marketed jointly by Corcoran Sunshine Marketing Group and Gumley Haft Kleier, according to an announcement made by the Extell Development, who is behind the project. Raizy Haas, senior vice president at Extell, said that her company brought Gumley on board because of its industry connections and successful track record at other Extell properties. Corcoran Sunshine Marketing Group had been the exclusive sales agent for the building, during which time it sold approximately 90 percent of the luxury development. TRD