Zeckendorf Development JV Buys Upper East Side Condo Property
Cole Schotz P.C. represented the buyers in the transaction.
A joint venture between Zeckendorf Development LLC and Stahl Organization has acquired The Hayworth, a 61-unit luxury condominium on the Upper East Side in New York City. Children’s Investment Fund announced the $250 million UCC foreclosure sale in February, after Ceruzzi Properties failed to pay the construction loan, as first reported by Bisnow.
Cole Schotz P.C. led the acquisition and financing on behalf of the buyers. The firm also negotiated an agreement with the prior contractor, while assisting with the payoff of the existing loan. JP Morgan Chase provided the financing.
New York City saw the highest occupancy growth among the top 30 major metros Yardi Matrix tracks, up 2.9 percent year-over-year through January. The market’s asking rents also rose by 17.6 percent, mirroring the migration trends back into major cities.
Completed in 2019, the 18-story mixed-use tower comprises 182,200 square feet of residential space with one- to five-bedroom floorplans, ranging from 1,588 to 3,609 square feet and featuring luxury finishes. Select penthouses also have access to rooftop cabanas. Community amenities, developed in partnership with HOK architects, include an exhibition kitchen, game room, fitness center, children’s playroom, private lounge, rooftop terrace, as well as 31,600 square feet of commercial space.
Located at 1289 Lexington Ave., at the intersection with 141-155 E. 86th St., The Hayworth provides immediate access to a variety of retail options, such as Whole Foods Market, Target and Old Navy. The Metropolitan Museum of Art, Neue Galerie New York and Central Park are within half a mile of the property. Several dining and entertainment options, alongside 3rd Ave. and 2nd Ave., are within half a mile from the community.