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212 Wadsworth Ave., site where development will be located/ Image provided by Beckerman PR/(Christopher Bride/PropertyShark)

NEW YORK CITY—Silverback Development Company and the Caerus Group have teamed up to develop a $47 million multifamily residential project in Upper Manhattan’s Hudson Heights neighborhood. The development companies will construct a nine-story, 125,000 square-foot structure at 212 Wadsworth Ave., where the 89-year-old Wadsworth Avenue Baptist Church formerly stood. Silverback anticipates breaking ground by summer 2018.

Caerus purchased the 15,000 square-foot site from Wadsworth Avenue Baptist Church in August 2015 for $8 million. The church was demolished to make way for multifamily rental housing of approximately 100 residences comprising studios, one- and two-bedroom units. They will be rented 70% at market rate and 30% for moderate income tenants. The project will offer a full suite of amenities.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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