Location: New York, New York
Located in the Inwood neighborhood of Manhattan, One Sherman consists of two mixed-use buildings comprised of 105 rental apartments and six retail storefronts.
LanTree Developments purchased a non-performing mortgage secured by the asset in 2012. At the time, the owners were in default on their debt and the property had fallen into neglect. This led to a 30% vacancy and an extremely high violation count, placing the building into the HPD AEP program. LanTree successfully took full ownership of the asset via foreclosure allowing them to turn around the asset. By 2014, they had successfully remediated violations and rehabbed the asset to bring the property to full occupancy and market performance.
One Sherman enjoys views of Fort Tryon Park and is located just 25 minutes from Midtown Manhattan. The neighborhood features diverse dining and entertainment options as well as several major retailers. Additionally, the property is located within a several block radii of the Henry Hudson Parkway and Major Deegan Expressway, providing easy access to all major transportation hubs.