HAP Investments Tops Out Manhattan Project
- Jan 31, 2020
HAP Investments has topped out on a 20-story residential property that will add roughly 200 condo and apartment units to Manhattan’s high-end Chelsea neighborhood. The development, Maverick Chelsea, is located at 215 & 225 W. 28th St., between Seventh and Eighth Avenues.
The construction milestone was first spotted by New York YIMBY. Designed by DXA Studio, the new property will measure nearly 300,000 square feet across two adjacent buildings upon completion. Maverick Chelsea will feature 112 rental units and 87 condos, with amenities including a fitness center and spa and a rooftop deck.
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The two buildings, sporting identical designs except for their color, will also provide a total of 20,000 square feet of ground-floor retail space. The property is located across the street from the Fashion Institute of Technology, a few blocks south of Penn Station and within walking distance of a plethora of subway lines, including the 1 Line serving the 28th Street station just outside.
Construction permits were issued in February 2019. Previously known as HAP Eight NY, the project scored a $238.4 million construction loan from Japanese homebuilder Daiwa House Group in November 2017, according to Yardi Matrix.
Fur District evolves
The New York City Council paved the way for the project in 2011 by approving a plan to transform the former Fur District, stretching from W. 28th St. to W. 30th between Seventh and Eighth Avenues, into a thriving mixed-use neighborhood. Previously dominated by industrial properties related to the fur trade, the underutilized section of the Garment District is now being taken over by new hotels, restaurants, apartments and condos.
Maverick Chelsea sits on the same block as 241 W. 28th St., the site of an upcoming 460-unit rental building being developed under the Affordable New York program by L&L Mag. The development firm launched by Forest City veteran MaryAnne Gilmartin inked a 99-year ground lease with site owner Edison Properties in 2018.
The neighborhood is also home to Chelsea29, a new luxury apartment building at 221 W. 29th St., and the adjacent FLOW Chelsea, a Passive House development offering mixed-income rentals at 211 W. 29th St.
HAP Investments, which was among the first developers in New York’s East Harlem and Jersey City, N.J.’s Journal Square, is led by Co-Founder & CEO Eran Polack.