Developer Gets $400M For Massive Inwood Apartment Complex: Report

INWOOD, NY — After years of planning, developers have finally landed the funding to build a massive apartment complex in Inwood.

Last week, Joy Construction and Maddd Equities landed $414 million in financing for a mixed-use 616-unit apartment complex at 3875 Ninth Ave., the Real Deal reported.

The approval from the city comes more than seven years after the real estate development firm Mad Equities purchased the Upper Manhattan site. The project was delayed by the court battle that took place over the Inwood rezoning plan, and then the COVID pandemic.

Developers received approval from the city for the complex in August of 2021.

The site is near West 207th Street, across from the Speedway gas station, and not far from Inwood's North Cove.

The apartments within the new Inwood complex will be available to tenants earning from 27 to 90 percent of the area-median income, and for formerly homeless people, the Real Deal reported.

The developers bought the site in 2015 for just $4.25 million.

There is no current timeline for the project's completion.

You can read more about the development on the Real Deal's website.