After purchasing a five-building site at 54-62 West 125th Street this summer, Developer Jay Group recently secured $37 million in financing to develop the mixed-use property. Their 140,000 square-foot vision in Harlem, Manhattan includes one retail unit and the addition of 141 residential units to the area between Lenox and Fifth Avenues. The projected development site qualifies for both 421-a and Industrial and Commercial Abatement Program tax benefits for the mix of commercial and residential units—30 percent of which will be affordable. JFA is responsible for the design.
New construction permits were filed back in July for the 17-story mixed-use tower at 56 West 125th Street. The site is half a block from the 2 and 3 trains, and three blocks from the 125th Street train station serviced by Metro North. It’s also conveniently located next to the newly-constructed Whole Foods in the neighborhood. These new buildings are part of a continued economic revitalization in Harlem.
Back in June, the New York-based developer made headlines for purchasing the multi-lot project for $26.5 million from Ares Management who doubled nearly doubled their investment of $14.5 million when they purchased the site in 2012. According to Commercial Observer, Jay Group received the 36-month non-recourse loan from Centennial Bank.