CB-Emmanuel Realty signs $43.2M construction loan to renovate four properties in Harlem

CB-Emmanuel Realty through the entity CB ANCP 2018 LLC as borrower signed a rehab construction loan with lender Local Initiatives Support Corporation valued at $43.2 million for four properties with 53 residential units including the 16-unit residential elevator building (D1) at 102 West 119th Street in Harlem, Manhattan, 12-unit residential walkup building (C4) at 1971 7th Avenue in Harlem, Manhattan, and 10-unit residential walkup building (C7) at 128 W 116th Street in Harlem, Manhattan.
The deal closed on February 6, 2024 and was recorded on February 26, 2024. The four properties have 51,487 square feet of built space and 18,886 square feet of additional air rights for a total buildable of 63,887 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $839 and the price per buildable square foot is $676 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for CB-Emmanuel Realty was R. Christopher Bramwell Jr..

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Simone Ross, head officer and Gertrude Mclaughlin, agent. The business entities are 102 West 119th Street Ta and City Of New York Hpd/Til.

The property

The residential elevator buildings in Harlem have 51,487 square feet of built space and 18,886 square feet of additional air rights for a total buildable of 63,887 square feet according to a PincusCo analysis of city data. At least one of the properties is in the Mount Morris Park Historic District Extension.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received five DOB violations and $1,110 in OATH penalties in the last year.

Development

On these lots, there is one active major alteration construction project for a 18-unit, 20,882 square-foot R-2 building. The project was submitted by Rona Reodica with plans filed February 25, 2020 and permitted August 15, 2023.

The block

On the tax block of 102 W 119th Street, PincusCo has identified the owners of six of the 19 commercial properties representing 70,728 square feet of the 149,336 square feet. The largest owner is New York City Department Of Housing Preservation And Development, followed by Michael Callaghan and then Elysee Investment Corp.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 149,336 square feet of built space are walkup buildings, with elevator buildings next occupying 14 percent of the space.

The borrower

The PincusCo database currently indicates that CB-Emmanuel Realty owned at least 90 commercial properties with 1,968 residential units in New York City with 1,857,833 square feet and a city-determined market value of $167.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 1,857,833 square feet of built space are walkup properties, with elevator properties next occupying 43 percent of the space. The bulk, or 72 percent of the built space, is in Brooklyn, with Bronx next at 17 percent of the space.

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