The Jay Group has closed on a $92 million construction loan to complete an 18-story rental building at 401 West 207th Street in Inwood, Manhattan. Initial permits filed with the Department of Buildings in 2022 listed the address as 3880 Ninth Avenue and named JFA Architects & Engineers as architect of record.
Those permits specify the construction of a 211,000-square-foot building with 191,000 square feet of residential space, 270 rental apartments, and 20,000 square feet of commercial space on the lower level. It is expected that 25 percent of the residential component will be designated as affordable housing.
The building will also contain a parking garage for 41 vehicles.
Demolition of the Speedway gas station that occupied the site has already been completed. BHI provided the loan for the building, which could be completed by 2025.