Developers Bet Big on Harlem Rental Market

220 Saint Nicholas Avenue.

220 Saint Nicholas Avenue.

Of all the New York City projects to emerge from the recession in good shape, one of the more dramatic turnarounds was undoubtedly 220 Saint Nicholas Avenue, a Harlem rental project resurrected by the Gorjian brothers last year. The pair, who together comprise the Gorjian Real Estate Group, bought the $12 million mortgage on what was then a stalled condominium project from Valley National Bank in 2011, likely at quite a discount, after developer Piper-Cadmium encountered difficulties during the credit crunch.

The project and many others sat partially constructed for years when financing dried up in the darkest days of the recession. And buildings in neighborhood recently considered marginal were some of the first to falter. Read more on the Commercial Observer.