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Condos In New East Harlem Building Will Average $1.5M

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This planned 23-story building has a total of 72 apartments

A developer is looking to make $105 million from the sale of condos at a planned 23-story building in Harlem, The Real Deal reports.

Considering the building has 72 apartments, that would mean the average price of a condo at this Park Avenue building would be about $1.45 million, though exact pricing and the way the units will be split is yet to be unveiled.

Heritage Real Estate Partners recently acquired a $60 million construction loan for the project, which is located at 1399 Park Avenue, at the corner of East 104th Street.

The development site comprises of five lots located between East 104th and East 103rd streets that Heritage purchased in December 2014 for a total of $12 million. At one time, this project called for the creation of a 108-unit rental building, but now the developer has decided to go the condo route.