The deal has been in the works for months now
A few months after it was revealed that real estate mogul Douglas Durst was looking to purchase a large undeveloped property in Harlem, the New York Post now confirms that Durst has closed on that deal for close to $91 million
The property, located at 1800 Park Avenue, at the intersection of East 125th Street and right across from the elevated Metro-North train station, was once primed for a massive residential project with about 700 apartments, courtesy of Ian Bruce Eichner.
Eichner never quite managed to procure the funds needed for the project, and it stalled right after foundation work got underway. Durst however purchased $100 million in distressed debt on the property earlier this year, and instead of a foreclosure process, Eichner and Durst came to an agreement.
Durst hasn’t quite revealed his plans for the site, and maintains that his team is studying all options to proceed. What he did confirm however was that the development will have a sizable chunk of affordable housing. As of right, the site allows for 600,000 square feet of development, and it’s possible that the site is eligible for the 421-a tax break since foundation work commenced prior to that program’s expiration.