Gamma Real Estate Provides $11.5M Senior Land Loan for Manhattan Mixed-Use Project of HAP Investments

Press Release (ePRNews.com) - New York City, NY - Jan 17, 2017 -   Gamma Real Estate has closed on senior debt financing to HAP Investments LLC for an Upper Manhattan parcel where HAP will construct a residential and retail complex.

The $11.5-million loan is for a 24,117-square-foot development site at 4452 Broadway in the Hudson Heights section of Manhattan, a short distance from Fort Tryon Park and The Cloisters museum, as well as other parks. The location, where Broadway intersects with Fairview Avenue and West 190th Street, enjoys direct access to the A and No. 1 subway lines. The parcel currently is vacant.

“We are very pleased with the speed and efficacy with which Gamma helped us refinance the property,” said Eran Polack, CEO of HAP’s New York operations and co-founder of the company.

Gamma president Jonathan Kalikow said his firm is “delighted to be assisting HAP and eager to contribute to its expanding presence in the New York metropolitan area. HAP has become an important player in community growth in this area.” 

HAP Investments focuses primarily on residential property, developing and investing in projects in Eastern Europe and Israel, as well as in the United States. Its recent operations have been focused on New York, where it has approximately two million square feet completed or in development.

Among the firm’s other current projects in development are 215 West 28th Street in Chelsea; a 21-story, two-building blend of rental and condominium residences near the High Line; and HAP Tower, an approximately 900,000-square foot rental and retail building in the Journal Square section of Jersey City, near the PATH station.  

Gamma Real Estate is a boutique commercial real estate firm based in New York City. Owned and operated by the Kalikow family, the firm boasts a 45-year history of success as both lenders and owners of commercial real estate. For more information, please visit www.Gammarealestate.com.

From:              Jonathan Kalikow
                        Gamma Real Estate
                        101 Park Avenue, Suite 2602
                        New York, NY 10178

Contact:         David M. Grant, Grant PR, Inc.
                        David@GrantPR.com
                         646-699-7832

HAP Contact: Bernard Wolff
                         Senior Vice President
                         HAP Investments, LLC 
                         3 East 54th Street, 15th Floor
                         New York, NY 10022
                         (646) 559 5732
                         www.hap-ny.com

                         # # #

Source : Gamma Real Estate

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