Genesis Companies obtained financing of $16M from NEW YORK CITY HOUSING DEVELOPMENT CORP.

Genesis Companies through the entity JENKINS PORTFOLIO COMPANIES LLC as borrower signed a loan agreement with lender NEW YORK CITY HOUSING DEVELOPMENT CORP., valued at $16.0 million for 16 parcels, including the tax class multifamily, over six families without stores (C1) and containing 196 residential units at 216 West 149 Street, 206 West 149 Street, 202 West 149 Street, 2574 Adam C Powell Blvd, 2568 Adam C Powell Blvd, and others in Central Harlem. The deal closed on June 28, 2019 and was recorded on July 18, 2019.
The property contains a total of 218,423 square feet of built space. The property has 14,983 square feet of available development rights.
The average loan per unit is $81,545.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $175,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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