Located in the Inwood section of Manhattan, the property consists of two mixed-use buildings comprised of 105 rental apartments and 6 retail storefronts.
The LanTree Principal & Partners purchased a non-performing mortgage secured by the asset in 2012. At the time, the owners were in default on their debt and allowed the property to fall into neglect. This led to a 30% vacancy and an extremely high violation count, placing the building into the HPD AEP program. The LanTree Group and Partners successfully took full ownership of the asset via foreclosure allowing them to turn around the asset. By Mid-2014, they successfully remediated violations and rehabbed the asset to bring the property to full occupancy and market performance.
The property enjoys views of Fort Tryon Park and is located just 25 minutes from Midtown Manhattan. The neighborhood offers a Starbucks as well as diverse dining and entertainment options. 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.