Silverback and Caerus to Develop Upper Manhattan Multifamily Project
The development companies are building a $47 million multifamily structure on the site of the demolished Wadsworth Avenue Baptist Church in Hudson Heights.
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.
The development will also feature 21 parking spaces for the residents and the church. In February 2015, Commercial Observer had reported the church would hold services in the ground floors of the building. The paper quoted an unidentified source saying the church wanted to sustain its operations but had limited finances, and the deal helped them accomplish that goal.
GlobeSt.com has previously reported on how religious organizations with land can try to use their property to attain their goals—including staying afloat.
“Nowhere else in this city one can find a rare combination of the old New York, the bucolic beauty and good value while still remaining a Manhattanite,” says Leo Tsimmer, managing partner at Caerus. “It’s an honor to participate in the growth and contribute the modern housing development to this fantastic neighborhood.”
Other projects of Caerus include with partner Quality Capital purchasing 827 Broadway, 831 Broadway and 47 E. 12th St., where they had planned to build a 14-story, 70,000 square-foot office tower, as reported in Commercial Property Executive. Community groups led by the Greenwich Village Society for Historic Preservation opposed this proposal. They wanted to landmark the Broadway properties, having noted famous artists including Willem and Elaine de Kooning, Paul Jenkins, and Larry Poons lived and painted in the buildings. The Landmarks Preservation Commission subsequently landmarked the property.
Josh Schuster, managing principal of Silverback, states his company is enthusiastic about developing “one of the first residential new construction projects in the emerging Hudson Heights neighborhood.” He adds, “We are excited to see commercial growth in the area as well, with projects like the upcoming opening of uptown’s largest food and beer hall—North End—only one block away from our site.”
Another one of Silverback’s ongoing projects includes with a silent partner developing a $100 million condominium project at 351-359 Second Ave. at the corner of E. 21st Street in Gramercy, in Manhattan. In March 2017, Crain’s reported that building will be 80,000 square feet, 145 feet tall, 13-stories and will house 65 units.