{"id":1004534724,"date":"2021-05-12T21:49:00","date_gmt":"2021-05-13T05:49:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004534724"},"modified":"2022-12-09T00:45:48","modified_gmt":"2022-12-09T08:45:48","slug":"developer-lands-44m-for-manhattan-mob-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/developer-lands-44m-for-manhattan-mob-project\/","title":{"rendered":"Developer Lands $44M for Manhattan MOB Project"},"content":{"rendered":"\n<p>Affiliates of Park-It Mgmt Inc. have obtained a $44 million loan for the construction of 160 West 124th Street in Manhattan, N.Y., an 89,000-square-foot, build-to-suit medical office development for Mount Sinai Health System.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004534733\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/developer-lands-44m-for-manhattan-mob-project\/160-west-124th-street-image-courtesy-of-cushman-wakefield\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/160-West-124th-Street.-Image-courtesy-of-Cushman-Wakefield.jpg\" data-orig-size=\"832,625\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"160-West-124th-Street.-Image-courtesy-of-Cushman-Wakefield\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/160-West-124th-Street.-Image-courtesy-of-Cushman-Wakefield.jpg?w=832\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/160-West-124th-Street.-Image-courtesy-of-Cushman-Wakefield.jpg\" alt=\"\" class=\"wp-image-1004534733\" width=\"347\" height=\"249\" \/><figcaption>160 West 124th Street.&nbsp;<em>Image courtesy of Cushman &amp; Wakefield<\/em><br><\/figcaption><\/figure><\/div>\n\n\n\n<p>JP Morgan Chase provided the floating-rate financing and Cushman &amp; Wakefield negotiated the deal on behalf of the borrower.<\/p>\n\n\n\n<p>Designed by E4H Architecture, the 12-story project represents the redevelopment of an existing four-story parking structure dating back to 1910, according to PropertyShark information. The developer had acquired the asset in 2012 for $5.1 million from Nexgen Realty and received building permits for the new structure in 2018. Delivery is slated for the fourth quarter of 2022.<\/p>\n\n\n\n<p>CommercialEdge data shows only two other medical office buildings totaling nearly 465,000 square feet were underway in Manhattan as of May. The largest development is the 403,000-square-foot Hunter College Science and Health Professions Building, a 16-story property rising at 524 E. 74th St. in Upper East Side.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Central Harlem redevelopment<\/h2>\n\n\n\n<p>Construction is underway at 160 W. 124th St., on the south side of 124th Street, between Adam Clayton Powell Jr. Boulevard and Malcom X Boulevard. Upon completion, the facility will serve as a wellness center and will be home to Mount Sinai\u2019s Icahn School of Medicine. In March, Mt. Sinai\u2019s medical school signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/georgetown-lands-200-ksf-in-manhattan-life-science-leases\/\">165,000-square-foot lease<\/a> in Manhattan\u2019s Far West Side.<\/p>\n\n\n\n<p>The property is situated in Central Harlem, some 2 miles from downtown Manhattan. The location is easily accessible through public transportation, having convenient access to 10 subway lines, 20 bus routes and the Harlem-125th Street Metro North station.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield\u2019s Gideon Gil, Preston Flammang and Alex Lapidus were part of the equity, debt &amp; structured finance team representing Park-It Mgmt. In April, Gil and Lapidus arranged a $52 million loan for the refinancing of a <a href=\"https:\/\/www.commercialsearch.com\/news\/muss-development-scores-52m-refi-for-queens-asset\/\">267,000-square-foot office property<\/a> in Queens, N.Y., which also includes 71,930 square feet of medical space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase provided financing for the 12-story development underway in Central Harlem.<\/p>\n","protected":false},"author":870,"featured_media":1004534733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21754,1600,21742,10],"tags":[32799,35274,34328],"class_list":["post-1004534724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-medical-office","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-jpmorgan-chase","tag-mount-sinai-health-system"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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