Bowery Residents’ Committee plans 680-unit rental in Harlem

Lilia Marini-Calves, CFO of Bowery Residents’ Committee, submitted a new building construction project for a 680-unit, 141,910 square-foot residential (R-2) building at 1727 Amsterdam Avenue in Harlem, Manhattan. The plan was filed on October 4, 2022. It calls for the construction of a 94-foot-tall, nine-story building and was filed with the New York City Department of Buildings under job number M08010721. The architect is Martin H. Kapell. The project is described in the filing as: herewith filing for 9 story HPD and Quality Housing new building. The property is owned by the City of New York

The property

The 1735 Amsterdam Avenue parcel has frontage of 199 feet and is 208 feet deep with a total lot size of 41,360 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.4 million.

Prior sales and revenue

The specialty building in Harlem has 59,209 square feet of built space and 64,935 square feet of additional air rights for a total buildable of 124,080 square feet according to a PincusCo analysis of city data.

Violations and lawsuits

According to city public data, the property has received $625 in ECB penalties and $625 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 $862.1 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 this tax block, PincusCo has identified the owners of four of the 16 commercial properties representing 54,324 square feet of the 226,441 square feet. The largest owner is E&M Management, followed by Kraus Organization and then Neighborhood Restore. On the tax block, there was one new building construction project filed totaling 141,910 square feet. It is a 680-unit, 141,910 square-foot R-2 building developed by Lilia Marini-Calves with plans filed October 4, 2022 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 1735 Amsterdam Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $28.3 million. The most recent of the two was Sugar Hill Capital Partners which borrowed $16.8 million from Signature Bank secured by the 33,190-square-foot, 18-unit rental (C1) on 510 West 146th Street and three other properties on November 12, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.