Manhattan Multifamily Project Secures $59M Financing
The development will add 113 units within an Opportunity Zone in one of the borough's growing submarkets.
A partnership between Certes Partners, The Hakimian Organization and Red Pine Capital Partners has received $59.4 million in development financing for The Enclave, a 113-unit multifamily project in Manhattan. Cushman & Wakefield arranged the variable-rate financing through SCALE Lending.
The East Harlem project is in a designated Qualified Opportunity Zone and benefits from real estate tax abatement under the Affordable Housing New York Program.
The Enclave’s development site spans 212 E. 125th St. through 215 E. 124th St. Upon completion, the property will include two towers and retail frontage as well as approximately 1,500 square feet of private courtyards, 34 parking spaces, a gym, lounges and outdoor patios.
The parcel is one block from the 125th Street subway station and Metro North train station, and five blocks from two other subway lines. The upcoming Second Avenue subway extension from 96th to 125th Street will be within half a block of the site.
The Enclave is next to one park, and several playgrounds and other green spaces are in the nearby area. The surroundings also include a variety of retail and services, from restaurants to a self storage facility.
The Cushman & Wakefield finance team included John Alascio, Sri Vankayala, Alex Lapidus and Meredith Donovan.
East Harlem’s growing multifamily market
East Harlem had 998 units in the pipeline at the end of March, placing it among the most active Manhattan submarkets for construction activity. The Richman Group’s 404-unit One East Harlem, located less than a block from The Enclave at 201 E. 125th St., was the largest project underway.
New York, along with all other gateway markets, experienced positive rent growth in April, with a 0.6 percent uptick from the previous month. This may be a sign of broader economic recovery, which could be bolstered by incoming federal rental assistance.