NEW YORK--(BUSINESS WIRE)-- L+M Development Partners Inc. and Halstead Property Development Marketing today announced the launch of sales at PS90 Condominium, which is a transformation of a circa 1905 public school in Harlem.

Located at 220 West 148th Street, PS90 is in the process of being redeveloped into a residential development after being vacant since the 1970s. PS90 will feature 75 condominium residences in a mix of studio, one-, two- and three-bedroom homes ranging in size from approximately 700 - 1,640 square feet and in price from $450,000 - $899,000. The penthouses will be all-new construction, and will feature generously-sized private rooftop terraces, some with midtown Manhattan views. For more information, please visit: www.ps90condo.com.

Sales at PS90 begin officially this week with the opening of the off-site sales office, which is located at the northeast corner of Fredrick Douglass Boulevard and 148^th Street. The on-site model apartment will open in early October. The property is currently under construction with initial occupancy expected in 2010.

"We are very excited to bring the homes at PS90 to market," said Lisa Gomez, executive vice president of development at L+M Development Partners Inc. "Working with this historic structure gave us the opportunity to offer buyers unique features and layouts that are uncommon in typical urban residential developments."

Designed by Charles B. J. Snyder, who served as the Superintendent and Chief Architect for New York City public schools from 1891-1922, PS90 is notable for its iconic block-through "H" plan, a design which allows for more windows than typically possible, as well as a front courtyard that frames and leads to a grand front entrance, and a larger landscaped rear courtyard.

As part of the modern re-design led by architect Mark Ginsberg FAIA, LEED AP, the building's original exterior design has been maintained and refurbished in some areas, while the entire infrastructure is being newly constructed. The building's Gothic touches like ornate spires, intricate masonry, elaborate stonework and gargoyles are juxtaposed with the modern loft-like floor plans - making homes at PS90 as architecturally exceptional today as ever before. PS90 will also feature a dramatic entrance: the grand double-height lobby has a mezzanine level reading area and other architectural details reminiscent of the building's past.

"Not only does PS90 offer architecturally unique homes, but also a great value for years to come, with low common charges and the benefit of the city's 15-year J-51 tax abatement program," said Stephen G. Kliegerman, executive director of Halstead Property Development Marketing.

Homes at PS90 will offer refined living in spacious layouts and will feature herringbone pattern oak flooring, central air and heat, and Bosch washers and dryers. Open kitchen plans will include stainless steel appliances, under-mount sinks with disposals, walnut toned wood cabinets and pantries, Quartzite countertops and backsplashes, and under-counter microwaves in islands. Bathrooms will feature grey staggered bond mosaic walls and floors, honed Palmira tiled bath and shower walls, custom tubs and separate showers with oversized rain shower heads with wands, charcoal grey vanity with integrated sinks, and dramatic recessed lighting coves.

PS90's amenities will include a fitness room, an attended lobby, a landscaped European-style garden terrace courtyard, common lounge, work studio, media room, storage lockers and bicycle room. In addition, many homes will come with private terraces ranging in size from 100 to nearly 1,000 square feet.

PS90 occupies a central position on one of the distinctive streets in Harlem's Bradhurst section: 148th Street between Adam Clayton Powell Boulevard and Frederick Douglass Boulevard. PS90 is the capstone of the block's renewal, as additional new residential buildings have been developed there over the last several years. PS90 is just one block from the historic Jackie Robinson Park, and nearby are some of the most admirable brownstone blocks anywhere in the city. Located near a variety of shopping, dining and cultural destinations, this quarter of the city is at once vibrant, easy-going and ever evolving.

"Working with our long term partner, L+M Development Partners Inc., on PS90 has been a terrific opportunity to demonstrate Goldman Sachs' continuing commitment to financing innovative and high quality properties that help to revitalize wonderful neighborhoods like Central Harlem," said Alicia Glen, managing director and head of the Urban Investment Group at Goldman Sachs.

PS90 is being developed by L+M Development Partners Inc., financing is provided by Goldman Sachs' Urban Investment Group, and the development will be exclusively marketed and sold by Halstead Property Development Marketing. For renderings, photos or more information, please contact Nicole Amato at nicole@mediashoppr.com or (212) 867-8778 x226.

About L±M Development Partners Inc.

Since 1984, L+M Development Partners Inc. (formerly L&M Equity Participants) has been a leader and innovator in real estate, responsible for over $2 billion of development and construction. Working with community, government and investment partners, L+M built over 8,000 units of high-quality housing in the tri-state area. For more information on L+M, please visit: http://www.lmdevpartners.com/

About Halstead Development Marketing:

Halstead Development Marketing is the exclusive sales and marketing firm for numerous new developments in the tri-state area. They consult with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit mix and layout analysis and amenities planning, all of which enables their clients to maximize sales prices, increase absorption rates and provide an overall superior product benefiting the consumer and developer. In addition, the division directs and coordinates the selection of all on-site personnel, conducts extensive sales training and monitoring, designs exceptional sales environments, and creates integrated communications planning including marketing, advertising, public relations and branding. For more information on the Halstead Development Marketing Division, please visit: http://www.halsteadpdm.com/home.

Mediashop PR

Nicole Amato, 212-867-8778 x226

nicole@mediashoppr.com

Source: Goldman Sachs Urban Investment Group

<<Business Wire -- 09/18/2009>>