Coltown Properties signs $20M refi for One45 dev site in Central Harlem

An affiliate of Coltown Properties through the entity One45 Lenox LLC as borrower signed a refi loan with lender ConnectOne Bank valued at $20 million for five properties including the mixed-use building (K4) at 685 Lenox Avenue in Central Harlem, Manhattan, retail building (K1) at 112 West 145th Street in Central Harlem, Manhattan, and retail building (G4) at 150 West 145th Street in Central Harlem, Manhattan.

PincusCo reported last week that plans were progressing for the rezoning of the development site which will eventually give way to two new mixed-use buildings which would total roughly 941,000 square feet, have between 866 and 939 new apartments, a Museum of Civil Rights, and a new headquarters for the National Action Network.

The plans call for two 365-foot buildings between West 144th and West 145th streets, bounded by Lenox Avenue and Adam Clayton Powell Jr. Boulevard.

Steven Neuman is the owner of Coltown Properties.
Within a 400-foot radius of 685 Lenox Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on November 27, 2019 for a 77,762-square-foot storage building with no residential unit residential units at 119 West 145th Street.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 17, 2020 for the $389,200 renovation of 5,000-square-foot office building with no residential units at 703 Lenox Avenue.
Of those four items, two were sales above $5 million totaling $17.6 million. The most recent of the two was Coltown Properties which bought the 14,988-square-foot, six-unit retail building (K1) on 112 West 145th Street for $6 million from Tracy Cohen on June 15, 2021.

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