Valley National Bank Provides $210M Construction Loan for Harlem Apartment Tower
Artimus and Grid Group are developing on empty lots purchased two years ago
By Brian Pascus June 7, 2024 12:50 pm
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Artimus, a New York City-based development firm, has secured $210 million in financing to construct a 490-unit, mixed-use apartment building in West Harlem, according to property records.
Valley National Bank provided the financing, which was structured across three loans: a $122.7 million senior note, a $55.2 million note, and a $32 million subordinate note. Loan documents were signed by Yoav Haron, partner at Artimus.
Together with Grid Group" class="company-link">Grid Group, another New York City developer, Artimus plans to build a 28-story building at 1440 Amsterdam Avenue, just off West 131st Street. The apartment tower is expected to yield nearly 500 units and hold 273 enclosed parking spaces upon completion.
The Real Deal reported last year that Artimus and Grid Group partnered to develop the 470,000-square-foot building on a site formerly owned by Lefkas Realty. Grid Group managing principal Yiannes Einhorn filed development plans with the city after receiving a $32 million acquisition loan from Valley National Bank in October 2022, according to property records.
The lots at 1440 Amsterdam were formerly used by the New York City Housing Authority (NYCHA) as parking spaces for residents of NYCHA’s nearby Manhattan Houses apartment complex, a series of six government-subsidized buildings stretching from West 129th Street to West 133rd Street containing more than 1,300 units.
The application for the new apartment complex at 1440 Amsterdam has been filed under the umbrella of New York’s expired 421a affordable housing program, which mandates at least 30 percent of all units be reserved for affordable living.
Neither Artimus nor the Grid Group responded to requests for comment.
Brian Pascus can be reached at bpascsu@commercialobserver.com
