E&M files to rehab 11 units in 67-unit Central Harlem rental

J Wasser & Co., on October 3, filed plans on behalf of E&M Management for a $349,600 rehabilitation of 11 units in a 67-unit building at 337 West 138th Street in Central Harlem, Manhattan.

The plans call for a rehab of the 65-foot-tall, six-story building and were filed with the New York City Department of Buildings under job number M08009152. The project is described in the filing as: interior renovation to apartments 1-A, 1-B, 3-K, 3-L, 4-A, 4-B, 6-C, 6-D, 6-E, 6-G, and 6-H with no change to use egress or occupancy.

The architect listed is Lester Katz, R.A..

The property was acquired for $11.7 million on November 14, 2013.

Direct link to Acris documents. LINK

Direct link to DOB NOW Public Portal. LINK

The parcel has frontage of 101 feet and is 95 feet deep with a total lot size of 7,822 square feet. The lot is irregular. 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 $2.1 million.The most recent loan totaled $64 million and was provided by Arbor Realty Trust on August 23, 2021.

The elevator building in Harlem has 50,250 square feet of built space according to PincusCo analysis of city data. The property is owned by E&M Management.

The 50,250-square-foot property generated revenue of $777,489 or $15 per square foot, according to the most recent income and expense figures.

According to city public data, the property has received $3,125 in ECB penalties, 10 housing violations, $3,225 in OATH penalties, and one housing litigation in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

On this tax block, PincusCo has identified the owners of 14 of the 18 commercial properties representing 258,302 square feet of the 339,685 square feet. The largest owner is Gilman Management, followed by ICER Properties and then E&M Management. There are no active new building construction projects on this tax block.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

The PincusCo database currently indicates that E&M Management owned at least seven commercial properties in New York City with 215,694 square feet and a city-determined market value of $13.8 million. (Market value is typically about 50% of actual value.) The portfolio has $64 million in debt, borrowed from Arbor Realty Trust. Within the portfolio, the bulk, or 83 percent of the 215,694 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. They are all located in Manhattan.

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 79 Edgecombe Avenue that occurred over the past 24 months.

The owner according to the Department of Housing Preservation and Development is Israel David, head officer. The business entity is 337 West 138 Holdings Llc.

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