MRC Provides $138M Loan for Manhattan Condo Project
- Mar 29, 2019
Happy Living Development has landed a $138 million loan for a 13-story multifamily project at 300 West 122nd Street in Manhattan’s West Harlem neighborhood. Madison Realty Capital (MRC) provided the financing package.
Plans call for a 211,893-square-foot property with 155 condominium units and retail space. Foundation work has already been completed on the property, which occupies two adjacent lots along St. Nicholas Avenue between West 121st and West 122nd Streets. The financing deal was brokered by Richard Horowitz, Ryan Horowitz, and Adam Horowitz of Cooper-Horowitz LLC.
The property’s ground- and lower-level retail space is earmarked for a grocery store and parking. Residences will be located on floors two through 13, ranging in size from studios to three-bedroom units. Amenities will include a rooftop lounge and 55-foot lap pool.
Project moves forward after changing hands
The project site was previously owned by developer Hans Futterman, who planned to build a 12-story, 127-unit condominium, according to The Real Deal. The site fell into default in 2017 and Brooklyn-based Happy Living Development, which is led by Levi Balkany, agreed to buy the distressed property in January of last year.
Happy Living Development has developed 15 projects in Manhattan and Brooklyn spanning more than 400,000 square feet and 324 residential units.
Josh Zegen, co-founder and managing principal of real estate private equity firm MRC, noted that the property at 300 West 122nd Street stands to gain from positive demographic trends in the west side of Harlem. “The submarket is benefitting from Columbia University’s ongoing expansion in the area as well as an influx of residents who are looking to move north of the Upper West Side,” he commented in a prepared statement.
Multifamily rents in Harlem grew by 6.9 percent year-over-year as of January, the second-biggest rent hike among Manhattan submarkets, according to Yardi Matrix data.