Happy Living Development Gets Loan for Harlem Mixed-Use Project
At least now, someone seems happy, although the current ownership resulted from the default of a prior owner's loan and a bankruptcy auction.
NEW YORK CITY—Happy Living Development has received a $138 million loan, collateralized by its mixed-used project at 300 W. 122nd St. in West Harlem. Madison Realty Capital announced it was providing the loan.
The borrower is building a 13-story, 211,893-square-foot development with 155 condominium units. The developer plans to bring a Fresh Food grocery and parking to the ground floor and lower level. The foundation has already been laid. Commercial Observer reported that the developer, Happy Living led by Rachel Medalie, Levi Balkany and Naftali Lichtenstein, expects construction to be completed by the end of next year.
“The sponsor has saved a lot of time and money through the great work already done at the site,” says Josh Zegen, co-founder and managing principal of Madison Realty Capital, adding that the property will benefit from the positive demographic shifts occurring in West Harlem. “The submarket is benefitting from Columbia University’s ongoing expansion in the area as well as an influx of residents who are looking to move north of the Upper West Side.”
Richard Horowitz, Ryan Horowitz and Adam Horowitz of Cooper-Horowitz brokered the deal.
The property stretches across two lots from W. 121st to W. 122nd St. along St. Nicholas Ave. The building will comprise studio, one- and two-bedroom condominium units on the second through 13th floors. Amenities will include a gym, yoga room, pool, outdoor lounge, party room and children’s play area.
But the site was not always the place for a playground of Happy Living.
The Real Deal had reported the property’s prior owner, Hans Futterman, defaulted on a $37 million loan from RWN Real Estate in 2016. The publication stated Happy Living acquired the property at the bankruptcy auction. Acrimony ensued with Futterman clearly not a happy party in the deal. Construction has already begun. But The Real Deal also noted although the transaction was expected to close on Dec. 1, no sale for the deal has yet been recorded.