The Mantena
431-439 W 37th St, New York, NY 10018
Asset Class
Luxury Residential
Year built
2012
SIZE
98 Residential Units
10,000sf Commercial Space
CONTRACt AMOUNT
$48,000,000
ROLE
Developer & General Contractor
Utilizing its broad relationships in the financial community and acting as an early actor in Hudson Yards, Joy Construction acquired a distressed development site from a fund being managed by J.P. Morgan Asset Management. The site had been stalled post foundation completion for over a year. Joy closed on the 10,000sf parcel in December of 2010 and re-permitted the site, commencing construction in 60 days. Joy was able to complete construction of the 100,000sf building, which includes 98 luxury residential units and 10,000sf of grade commercial in May of 2012, less than 2 years after closing on the parcel.
The residential units were built with condo level finishes and achieved the highest residential rents in the area at the time. The commercial space was leased to Brooklyn Fare which operates a gourmet market and a three Michelin star restaurant in the space.
In September of 2012 Joy sold the building to Equity Residential, the nations largest publicly traded apartment owner, for $84,000,000.
Financial Partners
