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HAP sells interest in $506M Maverick development

HAP Investments, the New York-based international real estate investment and development company, today announced the sale of the firm’s remaining equity in The Maverick to Daiwa House Texas, a subsidiary of Japan’s largest homebuilder Daiwa House Group and the joint venture (JV) partner on the project. 

With construction nearing completion, HAP Investments and its investors successfully sold their remaining 49 percent of equity in the development to the project’s JV partner.

The total valuation of The Maverick amounts to $506 million. HAP Investments will continue to manage the property for Daiwa House Texas, a testament to the value brought by the real estate firm.

ERAN POLACK

“From the early stages of construction and now nearing completion of the development, it has been a pleasure to work with Daiwa House Texas to help them achieve the optimal potential of their investment in this project,” said Eran Polack, CEO of HAP Investments. “The Maverick offers residents not only a place to call home, but a place for residents to thrive and focus on a person’s well-being. This landmark sale is an encouraging sign that New York City is on the road to recovery.”

Located at 215 and 225 West 28th Street, New York, NY, The Maverick is a mixed-use residential development comprised of two buildings each standing 20 stories tall featuring a full suite of luxury amenities including wellness and spa conveniences.

The property spans a total of 312,500 s/f with a mix of 87 one- to four-bedroom condominium residences and 112 rental units,.

Even before its official opening, over 25 percent of the residences have been sold. The buildings are expected to receive their temporary certificates of occupancy (TCO) by January 2022.

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