Condo News Highlights
Phoenix Realty Group Announces Investment in Harlem Apartments, Condos
By Kelly Sheehan, Online News Editor. Dated 12/14/2006
DECEMBER 07, 2006 -- New York -- Uptown Partners LLC, a New York-based development firm, and Artimus Construction Inc., a development company also based in New York, has broken ground on Fifth on the Park, a 30-story, mixed-use building that will occupy a full block on Fifth Avenue between 119th and 120th streets in the Harlem section of Manhattan. The project is slated for completion in the fall of 2008.
Equity for the development will be provided by Phoenix Realty Group, a real estate fund manager focused on urban and workforce housing, along with investments from Artimus. "We've been excited about investing in the New York market for a long time, and we felt that this project was a great opportunity to be part of Harlem's renaissance," Ron Orgel, managing director of Phoenix Realty Group, told MHN.
Designed by New York-based FXFOWLE Architects PC, the building will include a 38,000-sq.-ft. church that will be used by the Bethel Gospel Assembly, Orgel said. The assembly is currently holding services in the auditorium of an old public school, next to Fifth on the Park's site, which was previously a parking lot.
Above the four-story, 1,800-seat sanctuary, the developers will build a 26-story residential tower that will include 47 apartments, which Bethel Gospel Assembly will use to house its members, and 162 market-rate condominiums. The community will also feature a 117-space underground parking facility.
"The rental apartments will provide a long-term cash flow for the assembly," Orgel said. "The unique structure of the building allows them to do that. "
The residential floors will have views of Central Park, Marcus Garvey Park and the Manhattan skyline. The building's sixth floor will feature a pool, landscaped garden, deck, fitness center and media room. Condo owners will have access to 24-hour concierge service.
The site is located near several subway lines as well as a Metro-North Railroad station. "The project will provide support for the 125th street retail corridor, and is one of the best located, mass transit-oriented buildings in the city," said Keith Rosenthal, president of Phoenix Realty Group.
Over the past 10 years, Artimus has completed 38 projects in the New York City area, including 18 communities in Harlem. Uptown Partners LLC, founded in 2001, is currently developing The Lenox, the largest market-rate multifamily community in Harlem. The project is scheduled to be ready for occupancy during the spring of 2006.
Equity for the development will be provided by Phoenix Realty Group, a real estate fund manager focused on urban and workforce housing, along with investments from Artimus. "We've been excited about investing in the New York market for a long time, and we felt that this project was a great opportunity to be part of Harlem's renaissance," Ron Orgel, managing director of Phoenix Realty Group, told MHN.
Designed by New York-based FXFOWLE Architects PC, the building will include a 38,000-sq.-ft. church that will be used by the Bethel Gospel Assembly, Orgel said. The assembly is currently holding services in the auditorium of an old public school, next to Fifth on the Park's site, which was previously a parking lot.
Above the four-story, 1,800-seat sanctuary, the developers will build a 26-story residential tower that will include 47 apartments, which Bethel Gospel Assembly will use to house its members, and 162 market-rate condominiums. The community will also feature a 117-space underground parking facility.
"The rental apartments will provide a long-term cash flow for the assembly," Orgel said. "The unique structure of the building allows them to do that. "
The residential floors will have views of Central Park, Marcus Garvey Park and the Manhattan skyline. The building's sixth floor will feature a pool, landscaped garden, deck, fitness center and media room. Condo owners will have access to 24-hour concierge service.
The site is located near several subway lines as well as a Metro-North Railroad station. "The project will provide support for the 125th street retail corridor, and is one of the best located, mass transit-oriented buildings in the city," said Keith Rosenthal, president of Phoenix Realty Group.
Over the past 10 years, Artimus has completed 38 projects in the New York City area, including 18 communities in Harlem. Uptown Partners LLC, founded in 2001, is currently developing The Lenox, the largest market-rate multifamily community in Harlem. The project is scheduled to be ready for occupancy during the spring of 2006.
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