Haussmann Development signs $12M construction loan with Urban Standard for 26-unit project in Harlem

Steven Neuman and Haussmann Development through the entity Harlem Yimby LLC as borrower signed a new construction loan with lender Urban Standard Capital through the entity USC 168 W 136 LLC valued at $12 million for the 26-unit development at 164-168 West 136th Street in Harlem, Manhattan.
The deal closed on July 7, 2022 and was recorded on July 20, 2022.

On these lots, there is one active new building construction project for a 26-unit, 22,968-square-foot R-2 building. The project was developed by Steven Neuman with plans filed October 23, 2017 and it has not been permitted yet.

The owner bought the property on March 12, 2015, for $3 million. The signatory for Steven Neuman and Haussmann Development was Josef Goodman.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Steven Neuman, head officer. The business entity is 164-168 West 136 Llc. The 3,000-square-foot property generated revenue of $62,370 or $21 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $150 in OATH penalties in the last year.

The neighborhood

In Harlem, the bulk, or 44 percent of the 79.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.3 times the average sales volume among other neighborhoods with $773.4 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Harlem has 3.4 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Manhattan. It had 3.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 27 commercial properties representing 154,413 square feet of the 270,936 square feet. The largest owner is Jonathan Rose Companies, followed by Roc Capital and then Chung Lee. There are two active new building construction projects totaling 27,068 square feet. One is a two-unit, 4,100-square-foot R-3 building developed by Matthew Ahdoot with plans filed November 12, 2014 and permitted August 24, 2021. The other is a 26-unit, 22,968-square-foot R-2 building developed by Steven Neuman with plans filed October 23, 2017 and permitted April 15, 2022.

The majority, or 65 percent of the 270,936 square feet of built space are walkup buildings, with elevator buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Steven Neuman owned at least three commercial properties in New York City with 110,610 square feet and a city-determined market value of $12.9 million. (Market value is typically about 50% of actual value.) The portfolio has $25.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 65 percent of the 110,610 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Manhattan next at 32 percent of the space.

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