Glenwood Management Corporation is on track to build a massive 54-story residential apartment building on Amsterdam Avenue on the Upper West Side. The company secured a $260,000,000 mortgage to develop the project, property records filed with the city yesterday show.
According to the mortgage document the tower will have 339 units, the great majority of them one- and two-bedroom apartments. At least 20% of the 339 units will be rented out to low-income tenants, while another 15% will be made available to households whose incomes are below 40% AMI, according to the same documents.
The development site had cost Glenwood Management $125 million, secured in a deal that closed in January 2011. Fordham University was the seller in the transaction. The same parties were only recently involved in the sale of a neighboring lot for $75 million, according to the Real Deal.
Building permits filed for new construction indicate the Stephen B. Jacobs Group as the development’s architectural firm. Stephen B. Jacobs Group has recently designed a range of successful developments, among them Brooklyn’s Edge, the development with the most units sold in 2011 in New York City.