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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

Sidney Whelan
Village Office

Jimmy Wood

Jimmy Wood
Village Office

The Real Deal

Harlems Ps90 Condo 100 Percent Sold

Stephen Kliegerman, president of Halstead Development Marketing, and PS90

L+M Development Partners’ PS90, a 75-unit redevelopment of a circa 1905 elementary school at 220 West 148th Street in Harlem, is officially sold out, Halstead Property Development Marketing, the exclusive marketing agent for the condominium, announced today.

PS90 — one of several L+M projects financed through a $100 million dedicated fund with Goldman Sachs Urban Investment Group — hit the market in 2009, at the height of the downturn, composed of a mix of studios, and one-, two-, and three-bedroom units ranging in size from 760 to 1,630 square feet and in price from $425,000 to $899,000. Closings and move-ins began in September 2010.
“We are extremely proud to reach a successful conclusion at PS90,” said Lisa Gomez, executive vice president of development at L+M Development Partners.

As The Real Deal previously reported, the slow sales progress at PS90 means L+M won’t make a profit on condo sales at the project. “We’re paying a big interest rate to Goldman for their mezz,” L+M founder Ron Moelis said in October, when there were only four units remaining at the development, “so if it takes a long time to sell, that means it hurts.”

However, L+M won’t lose money on PS90, Moelis said, in part because having a construction division provides an additional source of income. – Katherine Clarke

Monday, January 30, 2012