Borough Equities files plans for 46-unit hotel in Harlem
Michael Bauer, managing member of Borough Equities submitted a new building construction project for a 46-unit, 35,199 square-foot hotel (R-1) building at 18 West 116th Street in Harlem, Manhattan. The plan was filed with the New York City Department of Buildings on October 22, 2022 under job number M08023712. It calls for the construction of a 10-story building. The project is described in the filing as: Erection of a 10-story hotel as shown on plans.
The property
The 18 West 116th Street parcel has frontage of 70 feet and is 100 feet deep with a total lot size of 7,064 square feet. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $987,000.
Development
Michael Bauer, managing member of Borough Equities submitted a new building construction project for a 46-unit, 35,199 square-foot hotel (R-1) building at 18 West 116 Street. The plan was filed on October 22, 2022. It calls for the construction of a 122-foot tall, 10-story building and was filed with the New York City Department of Buildings under job number M08023712. The architect is Fischer Makooi Architects Pllc. The project is described in the filing as: erection of a 10 story hotel as shown on plans.
Violations and lawsuits
According to city public data, the property has received $2,400 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property since September of 2020.
The neighborhood
In Harlem, the bulk, or 44 percent of the 79.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has near average sales volume among other neighborhoods with $864.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Harlem has near average amount of major developments among other neighborhoods and is the 5th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On the tax block, there were two new building construction projects totaling 70,321 square feet. The largest is a 46-unit, 35,199 square-foot R-1 building developed by Michael Bauer with plans filed October 22, 2022 and it has not been permitted yet. The second largest is a 29-unit, 35,122 square-foot R-2 building developed by Geneva Hodge with plans filed May 2, 2016 and it has not been permitted yet.
The surrounding
Within a 400-foot radius of 22 West 116 Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Kahen Properties borrowed $11.5 million from Societe Generale secured by the 47,624-square-foot, 39-unit rental (D7) on 19 West 116th Street on August 1, 2022.
Direct link to the property’s ACRIS page and link to DOB NOW portal.