Development
New York
Artimus buys half of large Manhattanville multifamily project
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Artimus, Grid Group land $210M for West Harlem project
Valley National Bank lends for 490 units on former NYCHA land
Artimus and Grid Group scored financing for a project that will deliver nearly 500 units in West Harlem.
The developers landed $210 million from Valley National Bank for the project at 1440 Amsterdam Avenue, the Commercial Observer reported. The loans include a $123 million senior note, a $55 million note and a $32 million subordinate note.
The developers plan a 28-story, 490-unit, mixed-use project at the site, just off West 131st Street. The development is expected to have 273 enclosed parking spaces and span 470,000 square feet.
Artimus and Grid Group both failed to respond to requests for comments from the Observer.
Excavation began in September after Artimus bought a 50 percent stake in the project for $17 million. Artimus purchased its stake from Lefkas Realty, which envisioned a seven-story condo that failed to pan out.
Prior to that, the New York City Housing Authority — which used the land as parking for the Manhattanville Houses, an adjacent NYCHA development with 1,272 units across six buildings — sold the land to Grid Group. The developer purchased the land and air rights for $28 million in 2022 using $32 million in acquisition financing from Valley National.
The infill project started to get rolling in 2021, but neighbors complained that they were blindsided by NYCHA’s sale of the land without affordability requirements. The developers, however, filed to use the since-lapsed 421a tax abatement, which requires 25 percent to 30 percent of units to be income-restricted.
Elsewhere in West Harlem, Bruce Teitelbaum recently filed preliminary plans for his massive One45 complex, his second attempt at winning political approval for it. Teitelbaum proposed a three-building, 922-unit complex, with more affordable housing than he previously planned.
Teitelbaum had shelved the project in 2022 because he needed a rezoning from the local Council member, who demanded more affordable housing than a 421-a project could sustain.
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