Genesis Companies signs $29.7M rehab loan to upgrade 54 units in walkups in Harlem

Genesis Companies through the entity Genesis Tpt Harlem, LLC as borrower signed a rehab construction loan with lender Webster Bank valued at $29.7 million for four walkup properties with 54 residential units including the 24-unit residential walkup building (C1) at 35 West 138th Street in Harlem, Manhattan, 11-unit residential walkup building (C4) at 205 West 115th Street in Harlem, Manhattan, and 10-unit residential walkup building (C4) at 203 West 131st Street in Harlem, Manhattan.
The deal closed on January 16, 2026 and was recorded on February 3, 2026. The four properties have 41,961 square feet of built space and 1,643 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $706 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 Genesis Companies was Karim A. Hutson . The signatory for Webster Bank was K. James Dittbrenner .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Simone Ross, head officer and Roosevelt Davis, site manager. The business entities are 200 Lenox Tenant Association and City Of New York. Out of the four properties, two with a total of 41,961 square feet of built space generated revenue of $459,752 per year.

The property

The parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,283 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Mount Morris Park Historic District. The city-designated market value for the property in 2022 is $1.3 million.

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 $1,490 in OATH penalties and one housing litigation in the last year.

Development

On these lots, there is one active major alteration construction project, M00725682, for a nine-unit, 6,533 square-foot RES building. The project was submitted by Rona Reodica with plans filed July 20, 2022 and permitted January 27, 2025.

The block

On the tax block of 220 Lenox Avenue, PincusCo has identified the owners of nine of the 31 commercial properties representing 44,804 square feet of the 136,759 square feet. The largest owner is New York City Department Of Housing Preservation And Development, followed by Gaetan Rousseau and then Eddy Hersaut Calazel.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 136,759 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Genesis Companies owned at least 81 commercial properties with 1,242 residential units in New York City with 1,183,840 square feet and a city-determined market value of $132.2 million. (Market value is typically about 50% of actual value.) The portfolio has $30.4 million in debt, borrowed from Community Preservation Corporation. Within the portfolio, the bulk, or 80 percent of the 1,183,840 square feet of built space are walkup properties, with elevator properties next occupying 16 percent of the space. They are all located in Manhattan.

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