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West 115th Lots
New York, New York
$1.65 million
Mezzanine debt
Residential Condominium; New Construction
30,000 square feet
36 units
Description
The project is located at 237-239 and 247-249 West 115th Street, on the north side of the street, just east of Frederick Douglass Boulevard, in the Central Harlem neighborhood of Manhattan, New York. West 115th Lofts is a new construction project, with a total development cost of $9.9 million, located on two non-contiguous vacant lots that are separated by an existing residential development in the Borough of Manhattan, New York City. The project will result in two seven-story (including cellar) loft-style buildings, each of which will include 18 dwelling units with nine and ten foot ceilings, an exercise space, and a laundry room. This will result in a total development of 30,000 net square feet, encompassing 28 market-rate and seven affordable condominium units, in addition to one unit reserved for a superintendent. There is no commercial space in this project.
Investment Type
Enterprise provided a $1.65 million mezzanine loan that will transform two vacant lots into thriving community assets. This investment fulfills the Enterprise mission by helping to create a mixed-income community in an emerging market, with enhanced access to commercial services and job opportunities. The project also meets “smart growth” objectives due to the re-use of urban infill sites and proximity to mass transit and a major shopping corridor.
Market
The project is located within a gentrifying residential neighborhood, providing the requisite residential services for multifamily development. The neighborhood benefits from ample transportation options and proximity to Manhattan central business districts.
Community Impact
The West 115th Street Lofts development utilizes land that has been subsidized through the City of New York’s Cornerstone program, which is administered by the Department of Housing Preservation and Development (HPD). The development includes 28 market-rate and seven moderately-priced residential condominium units, helping to create a mixed-income community and contributing to the sustainability of the neighborhood.
Developer
Ken Olson and Richard Olson are principals of POKO Partners LLC, and the principal agents for West 115 Loft Managers LLC, which is the managing member of West 115 Loft Owners LLC (the Borrower). Zalismah 115 Contracting LLC is the General Contractor. Feder & Stia Architects has designed a number of mid-rise residential projects in New York City, including new construction projects in Manhattan and the Bronx.
Investor
Through the ESIC Community Development Fund I, Enterprise makes high-impact investments in market-rate housing developments designed to help transform neighborhoods and contribute to a local revitalization plan. The fund invests in for-sale or rental projects often located in transitional neighborhoods in metropolitan areas experiencing strong housing demand. |
