HAP Investments Sells Stake in $506M Multifamily Project in Manhattan

NEW YORK CITY — HAP Investments, a New York City-based residential and commercial developer, has sold its equity stake in The Maverick, a $506 million multifamily project at 215-225 W. 28th St. in Manhattan’s Chelsea neighborhood that is nearing completion. HAP Investments sold its interest, the value of which was not disclosed, to Daiwa House Texas, a subsidiary of Japanese homebuilder Daiwa House Group and the firm’s joint venture partner on the project. The Maverick spans 312,500 square feet across two 20-story buildings and features a mix of 87 one- to four-bedroom condos and 112 rental units. Residences are furnished with custom white oak cabinetry and marble countertops, and amenities include a fitness center with a sauna, a rooftop deck and a children’s play area. The development team expects the buildings to receive temporary certificates of occupancy in January. About a quarter of the condo residences have already been sold. HAP Investments will remain onboard to manage the property.