Elmo Realty files plans for 42-unit building in Harlem

Saba Vahdat of Elmo Realty submitted a new building construction project for a 42-unit, 38,000 square-foot residential (R-2) building at 58 West 135th Street in Harlem, Manhattan. The plan was filed with the New York City Department of Buildings on April 27, 2023 under job number M00864253. It calls for the construction of an eight-story building. The project is described in the filing as: proposed eight-story and cellar mixed-use building. The architect is Koh Architecture.

The property

The parcel has frontage of 87 feet and is 99 feet deep with a total lot size of 8,743 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $779,000.

Prior sales and revenue

This property was sold for $1.2 million on September 8, 2017.

Violations and lawsuits

According to city public data, the property has received $1,400 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81 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 $784.2 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 7th highest in Manhattan. It had 4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 1,619,658 square feet of the 1,711,255 square feet. The identified owner is Olnick Organization. On the tax block, there was one new building construction project filed totaling 38,000 square feet. It is a 42-unit, 38,000 square-foot residential (R-2) building submitted by Elmo Realty and filed by Saba Vahdat with plans filed April 27, 2023 and it has not been permitted yet.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 66 West 135 Street in the past 24 months.

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