Grid Group and Lekas Realty have closed on a $32 million construction loan to complete a high-rise affordable housing property in West Harlem. Located at 1440 Amsterdam Avenue, the property will top out at 26 stories and yield 393 rental apartments, an Associated supermarket on the ground floor, and an enclosed parking garage. The latter includes roughly 120 rent-restricted units, 25 percent of which will be prioritized for current NYCHA residents.
Designed by GLUCK+, the building will comprise more than 1.7 million square feet. Valley National Bank is the institution that supplied the financial package.
“Through our New York lending team headed up by Chris Gregg, Valley was able to assist our longtime client Grid Group and their partner Lefkas Realty in financing the first stage of this project,” said Chris Coiley, Valley National Bank’s head of commercial real estate for the New York and New Jersey markets. “This project, when completed, will deliver much-needed affordable housing, retail, and community space to the neighborhood.”
Grid Group and Lekas Realty purchased the vacant site from the NYCHA for approximately $6 million and 280,000 square feet of air rights for a hefty $22 million.
Construction is scheduled to begin early next year and is on track to wrap up in 2026.
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Fantastic! The city needs to be building more like this, Gluck + also a fantastic firm for this sort of work. Best news ive seen all day!!
This is a great way to pay for NYCHA renovations.