NEW YORK, Dec. 20, 2021 /PRNewswire/ — Fetner Properties today announces the closing of 270 West 96 Street, a 23-story mixed use building, which will bring a total of 171 market-rate and affordable apartments to Manhattan’s Upper West Side, 83 of which will be micro units. The residential residences, designed by SLCE Architects, is the first new rental project in the neighborhood in many years.
“This project is an excellent example of how public private partnerships can create much needed housing in Manhattan,” said Hal Fetner, president and CEO of Fetner Properties. “We are truly proud to have successfully taken 270 West 96 through the ULURP process despite challenges presented by the pandemic. We are eager to be bringing this building to the vibrant Upper West Side community.”
The City of New York sold 266 West 96 Street, a former power transformer substation, in exchange for the creation of affordable housing. Fetner Properties combined this site with two privately owned parcels purchased from the Salvation Army and the NAACP Roy Wilkins Center, Inc. The proceeds from the sale of the Roy Wilkins Center will go to the New York Community Trust’s Roy Wilkins Fund to continue its programming. Wells Fargo is providing the senior construction financing for the new rental building. The Project budget is $125 million.
“The rare opportunity to create new rental homes in one of the most iconic neighborhoods in New York City has been a four-and-a-half-year journey of perseverance, challenging work and vision, all of which supported by a world-class team of professionals, colleagues and or course, our financial partners, added Damon Pazzaglini, Chief Operating Officer of Fetner Properties. “Our plan now becoming a reality, with construction beginning immediately. ”
Fetner has been highly active this past year with other new projects in New York City. Construction has begun on the first of a two-phase development in Long Island City, 27-01 Jackson Avenue, and permits have been filed for another tower across the street at 26-32 Jackson Avenue. As with 270 West 96 Street, SLCE Architects is the architect for both Long Island City residential rental buildings, which will bring 600 units to Queens.
“We are thrilled to partner with Fetner Properties on the development of this new residential project in Manhattan. This will not only be a welcome addition to the neighborhood, but will also help meet the demand for affordable housing in New York City,” said Jonah Belkin, Managing Director of Peakhill Equity Partners. Peakhill is a partner in the innovative project, as is another institutional investment firm attracted to 270 West 96th Street as part of their Social Impact Investor Program.
Located between West End Avenue and Broadway, 270 West 96 Street is one block north of the 96th Street subway station, which is serviced by the 1, 2, and 3 trains. Riverside Park, astride the Hudson River, is a block away and the lively neighborhood is filled with restaurants, schools and public amenities.
Fetner Properties is a dynamic player in an ever-changing multifamily market; a full-service, fully integrated real estate company specializing in developing, owning, and managing residential properties, with three new projects in the pipeline consisting of 800 units in Long Island City and Manhattan, Fetner is always on the forefront of the residential real estate industry. At Fetner Properties, residents are neighbors, not tenants, and every decision is made with them in mind. Our company has been creating communities in New York City since 1955, through three generations of family ownership.
Peakhill Equity Partners
Peakhill Equity Partners (“Peakhill”) is a real estate investment platform focused on joint venture equity investments in ground-up and value-add real estate projects in the United States and Canada. Through its entrepreneurial structure, flexible balance sheet, development expertise, and lending arm (Peakhill Capital), Peakhill Equity Partners is able to identify equity investment opportunities with superior risk-adjusted returns that positively impact communities.