Stephen G. Kliegerman
President of Development Marketing
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