The borrower, Happy Living Development, plans to develop a 13-story, 211,893 s/f mixed-use property featuring 155 condominium units, ground/lower level retail space slated for a Fresh Food grocery and parking, and the building’s foundation has already been completed.
“The sponsor has saved a lot of time and money through the great work already done at the site,” said Josh Zegen, co-founder and managing principal of MRC.
“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.”
The transaction was brokered by Richard Horowitz, Ryan Horowitz, and Adam Horowitz of Cooper-Horowitz, respectively. “This is a terrific project and I am delighted that Happy Living Development provided me with the opportunity to work together over the last 15 months,” said Richard Horowitz.
“It was a pleasure working yet again with Madison Realty Capital, which was the target lending source to meet the needs of the borrower. I wish everyone success in the development of this high-end retail and residential condominium.”
The property consists of two adjacent lots stretching from West 121st to West 122nd Street along St. Nicholas Avenue. This allows for a 24 ft. wide residential entrance along West 122nd Street accessing the building lobby, 24-hour doorman, mailroom, packaging room, and two passenger elevators; 235 feet of contiguous retail frontage along West 122nd Street and St. Nicholas Avenue; and 50 feet of frontage along West 121st Street.
Condominium units will be located on floors two through 13 and consist of 16 studios, 54 one-bedrooms, 68 two-bedrooms and 17 three bedrooms, each featuring 10-foot ceilings, walk-in closets, and private terraces in select units offering northward and westward views of Morningside Heights and Columbia University.