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Apr. 29, 2014

HAP Investments Starts on East Harlem Apartments

By Dees Stribling, Contributing Editor

New York—Ground has been broken for 329 Pleasant Ave. in Harlem, N.Y., which will be called HAP 5. The property will rise eight stories in the eastern part of that neighborhood, and contain 20 apartment units.

HAP Investments, a New York-based international real estate company, is developing the property along with designer Karim Rashid. HAP was formed by longtime partners Eran Polack, Amir Hasid, and Nir Amsel.

With a purple-and-blue exterior color scheme (at least according to released designs), the building promises to stand out in East Harlem, much of which is characterized by prewar brownstones. The HAP 5 project is close to CUNY’s Hunter College Silberman School of Social Work, and also large retailers such as Costco, which has its only Manhattan presence in the area.

HAP Investments is no stranger to Upper Manhattan and the East Harlem areas, with properties that include 419 East 117th St., 247-249 East 117th St., 2338 2nd Ave., and 1655 Madison Ave. In addition, the company has purchased a major development site at 215-219 West 28th St. in the Chelsea neighborhood of Manhattan.

Most recently, HAP said it’s in contract to purchase a development site at Journal Square in Jersey City, N.J., to be known as HAP Tower. As for HAP 5, it will also include a small amount of retail space on the ground floor. No completion date has been scheduled.

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