The Beitel Group has secured a $150 million loan for the development of 120 East 144th Street, a new residential project in Mott Haven, The Bronx. The funding, which was supplied by SCALE Lending, will support the construction of the 13-story, 450-unit property.
120 East 144th Street was designed by S. Wieder Architect PC and will yield 289,000 square feet across 13 floors, and will offer a range of studio to two-bedroom apartments, with select units featuring private terraces. Beyond that, plans feature a variety of amenities, including an outdoor courtyard, fitness center, and a rooftop space.
Rendering of lobby at 120 East 144th Street, via Beitel
Construction is being managed by Prestige Construction NY and is expected to complete by mid-2025. The site at 120 East 144th Street, which was acquired by the Beitel Group in 2022, has already undergone a number of changes, including the demolition of the original property at the address. Funding for the project is the latest in a series of loans issued by SCALE in 2024, with nearly $600 million in closings announced over the past three months for the lender.
Overhead rendering of 120 East 144th Street, via Beitel
“The need for multifamily in New York City’s residential neighborhoods continues to grow, and new housing projects like 120 East 144th Street are critical in helping meet that demand,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’re thrilled to continue bringing new inventory online and to work with an accomplished firm such as Beitel Group, whose national portfolio and success in NYC speak for themselves.”
Rendering of lobby at 120 East 144th Street, via Beitel
The closest subways from 120 East 144th Street are the 2, 4, and 5 trains at the 149th Street-Grand Concourse station.
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Glad to see the Bronx getting some YIMBY love.
But that design is a hot mess.
1980s to early 2010s architecture in the Bronx was so bad that even this is a welcome relief
Right next to the highway. Who rents this stuff?
The vacant lots in front of the rendering have already all been developed.
The market for this kind of thing is yuppies who want an LIC style apartment but at a lower price.
It’s actually a couple of blocks over. The whole area is going residential and storage.
The storage in the neighborhood has been here for over a decade and we are now seeing it start to get replaced.
Love to see projects like these in the bronx.
As a commercial broker I’m happy that the bronx stil has a lot of room for improvement.
Hopefully we will see some construction photos soon. Construction is already above ground with parts of the structure visible above the construction fences.