Evenhar Development files plans for 57-unit building in Nomad

Oren Evenhar, CEO of Evenhar Development, in partnership with LTNG, submitted a new building construction project for a 57-unit, 63,933 square-foot residential (R-2) building at 154 Lexington Avenue in Nomad, Manhattan. The plan was filed with the New York City Department of Buildings on November 3, 2022 under job number M08007990. It calls for the construction of a 11-story building. The project is described in the filing as: application filed to construct a new 11-story mixed-use building. The architect is Woods Bagot Architects, P.C.

In March 2022, PincusCo reported Evenhar Development and LTNG purchased two NoMad properties for a total of $9.5 million, expanding a development site disclosed in 2021 when it signed a 99-year ground lease valued at $7 million with two churches, which PincusCo reported at the time. Evenhar intends to develop a mixed-use condominium or a mixed-use rental building according to city records. At the same time, the developers borrowed $11.05 million from Fort Amsterdam Capital and Tilden Park Capital Management.

The zoning lot includes tax lots 69, 70, 71 and 73. The lot is 9,875 square feet with 99 feet of frontage. The building footprint is 9,000 square feet.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

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

The neighborhood

In NoMad, the majority, or 63 percent of the 13.5 million square feet of commercial built space are office buildings, with hotel buildings next occupying 18 percent of the space. In sales, NoMad has near average sales volume among other neighborhoods with $800.5 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, NoMad has near average amount of major developments among other neighborhoods and is the 28th highest in Manhattan. It had 692,911 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 10 of the 39 commercial properties representing 132,466 square feet of the 643,873 square feet. The largest owner is Caiola family, followed by Leeds Associates and then Evenhar Development. On the tax block, there were two new building construction projects totaling 77,459 square feet. The largest is a 57-unit, 63,933 square-foot residential (R-2) building developed by Evenhar Development and submitted by Oren Evenhar with plans filed November 3, 2022 and it has not been permitted yet. The second largest is a 40-unit, 13,526 square-foot hotel/dormitory/shelter (R-1) building developed by Navnit Kumar with plans filed July 17, 2017 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Evenhar Development owned at least four commercial properties in New York City with 22,732 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $11.1 million in debt, borrowed from Fort Amsterdam Capital and Tilden Park Capital Management. Within the portfolio, the bulk, or 72 percent of the 22,732 square feet of built space are mixed-use properties, with M1 properties next occupying 15 percent of the space. They are all located in Manhattan.

The surrounding

Within a 400-foot radius of 154 Lexington Avenue, Pincusco identified 11 commercial real estate items of interests occurred over the past 24 months. Of those 11 items, five were sales above $5 million totaling $55.1 million. The most recent of the five was Gerald L. Valgora which bought the 6,626-square-foot, four-unit retail building (K9) on 111 East 29th Street for $5.8 million from Ira Lifshutz on October 13, 2022. Of those 11 items, six were loans above $5 million totaling $121.3 million. The most recent of the six was Caiola Family which borrowed $6.3 million from JPMorgan Chase secured by the 28,240-square-foot, 53-unit rental (D3) on 151 Lexington Avenue on February 18, 2022.

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