Wow, this is a month old, but Artimus and Uptown Partners are building Fifth on the Park (http://www.phoenixrg.com/news/item.php?id=360), a 30-story building at East 120th Street and Fifth Avenue that will have four stories of church space, affordable rentals and condos. Right now that lot is a giant hole in the ground. It used to be a church parking lot.
December 06, 2006
Phoenix Realty Group Announces Key Investment in Harlem — Will Provide Apartments and Condos for Residents of Various Income Levels
Mixed-use condominium to incorporate landmark church and adjacent community center
Joint venture development with Artimus Construction and Uptown PartnersNew York City –Phoenix Realty Group, Artimus Construction Inc., and Uptown Partners LLC today announced the construction of Fifth on the Park, a new high-rise, mixed-use building that will occupy the full-block front of Fifth Avenue between 119th Street and 120th Street in New York City. The project will be located directly across the street from the 20-acre Marcus Garvey Park, 10 blocks from Central Park and five blocks from the 125th Street corridor.
The building will include a 38,000-square-foot church for the Bethel Gospel Assembly, the previous owner of the land. Above the four-story, 1,800-seat church sanctuary, the developers will build a 26-story residential tower that will include approximately 50,670 square feet of affordable rental apartments, 247,000 square feet of market rate condominiums, and a 117-space subterranean parking garage.
The residential floors will have views of Central Park, Marcus Garvey Park and the Manhattan and Harlem skylines. Equity for the development will be provided by Phoenix Realty Group (PRG) with a co-investment from Artimus Construction. PRG is a national real estate fund manager focused on urban and workforce housing development.
“We are honored to be part of the Harlem housing renaissance with a high-profile development that includes both mixed-income and mixed-use at an important address – the meeting of Fifth Avenue and the Park,” said Keith B. Rosenthal, president of Phoenix Realty Group. “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, with proximity to both the East Side and West Side subway lines, as well as the Metro North commuter rail to Westchester and Connecticut.”
“Phoenix Realty Group’s strategy is to create competitively priced housing, and we’re proud to have found a way to apply this sensibility to such a dynamic market area,” said Ron Orgel, managing director of Phoenix Realty Group. “Fifth on the Park will provide a range of new, cost-competitive housing to a diverse group of renters and homeowners. And at the same time, we’re able to help create a new home for one of Harlem’s premier churches.”
“We are excited about contributing to a community which we have worked in for many years, as well as the fact that we will be helping to shape the Manhattan skyline,” said Eytan Benyamin, a principal at Artimus Construction, the developer of the building. “This development would not be achievable without our partnership with the Bethel Gospel Assembly, and we look forward to working with them and the community in the future.”
The sixth floor will feature a setback with a full-length lap pool, landscaped garden, outdoor deck, a complete fitness center and a theater-quality media room. The condominiums will offer a doorman and 24-hour concierge, and will be entered through an atrium lobby featuring artwork from prominent artists.
Artimus Construction Inc. is developing the project and will serve as both the managing member of the property partnership and the general contractor. Uptown Partners, the originator of the project’s concept, will be a member of the property partnership and will be responsible for design supervision, marketing and sales.
FXFOWLE Architects, an internationally renowned architecture, design and planning firm in New York, will serve as architect for Fifth on the Park.
“The property will provide numerous benefits to the community, including affordable rental apartments and an exceptional church and community center that will provide significant outreach programs to people living across New York City,” added Joe Holland, President of Uptown Partners.
Phoenix Realty Group (www.phoenixrg.com (http://www.phoenixrg.com/)) is a national real estate investment firm founded by J. Michael Fried, Keith Rosenthal and Ron Orgel providing capital and expertise to urban developers focused on middle-market, for-sale and rental housing; low-income tax-credit housing; and community revitalizing commercial projects. Phoenix Realty Group (PRG) has attracted significant institutional investment from many of America’s leading pension funds, banks and insurance companies. PRG currently manages private equity and tax credit real estate funds that together will provide nearly $3 billion in housing and community revitalizing commercial properties.
Artimus Construction Inc. (www.artimusnyc.com (http://www.artimusnyc.com/)) is a New York-based development and construction company founded in 1979. Over the past 10 years, Artimus has completed approximately 38 projects in the New York City area, including 18 in Harlem.
Uptown Partners LLC is a Harlem-based real estate development company founded in 2001. It is currently completing the largest solely market rate development heretofore built in Harlem, The Lenox, in association with Artimus.
Condo co-developer files for bankruptcy February 25, 2009
Uptown Partners, which filed for bankruptcy protection this week, insists the setback is not tied to its new 28-story Fifth on Park condominium facing Harlem’s Marcus Garvey Park.
http://www.crainsnewyork.com/apps/pbcsi.dll/bilde?Site=CN&Date=20090225&Category=FREE&ArtNo=902259978&Ref=AR&Profile=1057&maxw=319&border=0 (http://www.crainsnewyork.com/apps/pbcsi.dll/bilde?Site=CN&Date=20090225&Category=FREE&ArtNo=902259978&Ref=AR&Profile=1057&maxw=800) Photo by Courtesy of 5thonthepark.com
Uptown Partners, a co-developer in one of Harlem’s tallest luxury condominiums, has filed for bankruptcy protection.
The company originated and remains a minority shareholder in Fifth on the Park, the new 28-story condominium that faces Marcus Garvey Park. It co-developed what it claims to be Harlem’s first market-rate condominium, The Lenox, which is between West 129th and West 130th streets on Lenox Avenue.
Lewis Futterman, co-founder of Uptown Partners, insisted that the company’s Chapter 11 filing had nothing to do with its newest property, which was just topped out one year ago.
“We had another debt due with severe consequences that we could not complete negotiation in time,” he said. “Fifth on the Park is quite healthy.”
In fact, sales contracts have been signed for 98 of the 160 units in that building, according to Mr. Futterman. He expects the first closing to take place in mid-April. The new development, which is located on Madison Avenue between East 119th and 120th streets, includes a 38,000-square-foot church for the Bethel Gospel Assembly, the previous owner of the land, and a 1,800-seat church sanctuary.
“It was a ghost town for the last four months of last year,” Mr. Futterman said. “But we had quite a few people in since then and expect things to pick up in March and April.”
Despite the deteriorating market, sales of condos and co-ops below $500,000 are holding up in Harlem, known for its bargain prices. According to real estate appraisal firm Miller Samuel, 129 condo and co-op sales were completed in the fourth quarter, compared to 110 in the final quarter of 2007.
Phoenix Realty Group, a real estate fund manager specializing in urban and workforce housing developments is the primary equity investor in the project. Joseph Holland, a Harlem developer and former New York state housing commissioner, has a minority stake in the project. Artimus Construction is the development’s general contractor and Manhattan-based FXFOWLE Architects is the architect.
According to the bankruptcy filing, Uptown Partners has a monthly operating expense of roughly $112,000 and owes about $1.1 million to its three largest unsecured creditors: Jay Furman, Capital One Bank and Commerce Bank.
Uptown Partners filed for bankruptcy in the Southern District of New York, and Mr. Futterman said he expects the company to withdraw the filing in a week because it is close to settling the undisclosed debt.
Copyright 2009 Crain Communications, Inc.