HAP Investments achieves first TCO for 225 West 28th St. project

Manhattan, NY According to HAP Investments, it achieved the first Temporary Certificate of Occupancy (TCO) for their 225 West 28^th St. development. Following this milestone, the first tenants began occupying the building on Wednesday, April 20^th.

“I am thrilled to be able to welcome residents to 225 West 28^th St.,” said Eran Polack, CEO of HAP Investments. “This milestone has been years in the making, and I am very grateful to work with a team of construction professionals who helped bring this new development to life. We expect tenants will enjoy sleek designs, the full complement of luxurious amenities, and all the best New York City has to offer.”

Located in the Chelsea neighborhood, 225 West 28^th St. stands at 20 stories and comprises 112 deluxe rental units. Over 60% of the units were slated for immediate occupancy before the building’s official opening and seeing rent records for price per s/f. The new development is expected to receive its subsequent TCOs within the next three months and the final Certificate of Occupancy (CO) in early fall 2022.

Each residence emphasizes cityscape views and sleek designs while featuring high-end finishes such as custom white oak cabinetry, marble countertops, and integrated Miele appliance packages. Residents will also enjoy unrivaled access to a 60-foot-long swimming pool, yoga room, and a state-of-the art gym with sauna and steam room. A rooftop deck, with a smart grill and pizza oven, and a playroom will offer renters a convenient social space for children and their parents alike.

Following HAP Investment’s sale of its remaining equity in the project late last year, the NY-based developer will continue to manage the property for Daiwa House Texas, a subsidiary of Japan’s largest homebuilder Daiwa House Group and the joint venture (JV) partner on the project.

Residential leasing activity has been red hot in recent months. According to a new market report, rents were up almost 30% year-over-year in Manhattan and vacancy rates fell to 1.3%, the lowest recorded for the month of February in over a decade.