UPDATED, May 10, 2021, 4:30 p.m .: A joint venture between the Hakimian Organization and Certes Partners is advancing a housing project in East Harlem.
Scale Lending, the financing arm of Slate Property Group, provided Hakimian, Certes Partners and Red Pine Capital Partners with a $ 59 million home loan for the project at 212 East 125th Street, the lender said The only true.
The development, referred to as the Enclave, will be 140,000 square feet with 113 units, 30 percent of which will be made available as affordable. The two-building complex will stand on 12 stories in the block-through location between 125th and 124th Streets near Third Avenue.
Hakimian and his partner bought the site in two transactions: the northern portion for $ 10 million in a bankruptcy auction in 2018 and the rest for $ 9.6 million in an off-market deal in 2020, according to the Real estate records. The developer first submitted plans for the project in November 2019, months before the city closed due to the pandemic.
With a reopening date in sight, there has been a flurry of real estate activity. Office landlords are preparing for workers to return, and workers returning from out of town are looking for apartments.
“As the commercial property market continues to adapt to improving conditions, we are excited to be working with the sponsors to help them deliver a high quality residential experience,” said Martin Nussbaum, co-founder of Slate Property Group and Scale Lending Statement
The developers said they were “excited to provide high quality housing and new and exciting retail stores on the fast-growing 125th corridor adjacent to the brand new express train station.”
Cushman & Wakefield, which arranged the funding, did not immediately respond to a request for comment.
Update: This story has been updated to include a comment from the developers.