New York-based international real estate investment and development company HAP Investments has broken ground on a new East Harlem rental project, HAP Ten NY, at 2211 Third Ave. in New York City.
The 0.4-acre site is located on the corner of E. 121st St. in one of Manhattan’s most rapidly transitioning submarkets.
Plans call for a 10-story, 124,000-square-foot, mixed-use building featuring 93 apartments across 78,000 square feet of residential space, 26,000 square feet of retail space, 5,000 square feet of surface parking, and 1,000 square feet of community space.
The multifamily property is being developed under the HCR 80/20 program, which will see at least 20 percent of the available units offered as affordable housing for low-income residents. In addition, the project will serve as the home to a neighborhood grocer. The building has applied with the DOB for the Food Retail Expansion to Support Health (FRESH) program.
Delivery is anticipated in early 2017. Karl Fisher is the architect of record for the project, which is being developed, leased, and managed by HAP.
“HAP is pleased to start construction on this residential project in East Harlem, which will have a major positive impact in further transforming the East Harlem neighborhood,” said Eran Polack, CEO, HAP Investments. “We are excited to partner with Karl Fischer to create this premier New York City property, which will serve as a destination for residents and retailers bringing new life to the area.”
HAP Investments acquired the land site in May 2014 for $13 million, according to CoStar data. Eastern Consolidated brokered the land sale for the seller, Tahl Propp Equities. See CoStar COMPS #3040392 for additional information on this transaction.