HPD files plans for 341-unit building in East Harlem

Ahmed Tigani, first deputy commissioner of the NYC Department of Housing Preservation and Development submitted a new building construction project for a 341-unit, 241,768 square-foot residential (R-2) building at 105 East 118th Street in East Harlem, Manhattan. The plan was filed with the New York City Department of Buildings on October 31, 2022 under job number M08028552. It calls for the construction of a 19-story building. The project is described in the filing as: propose new 19-story with cellar mixed-used building as per plan and obtain new certificate of occupancy.

The property

The 109 East 118 Street parcel has frontage of 202 feet with a total lot size of 23,212 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing.

Prior sales and revenue

The property is owned by the City of New York.

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 since September of 2020.

The neighborhood

In East Harlem, the majority, or 51 percent of the 51.9 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has near average sales volume among other neighborhoods with $593.2 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, East Harlem is the 10th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 20 of the 25 commercial properties representing 498,198 square feet of the 750,230 square feet. The largest owner is Tahl Propp Equities, followed by Graduate Center Foundation Housing Corporation and then New York Police Department. On the tax block, there were two new building construction projects totaling 251,792 square feet. The largest is a 341-unit, 241,768 square-foot R-2 building developed by HPD with plans filed October 31, 2022 and it has not been permitted yet. The second largest is a 12-unit, 10,024 square-foot R-2 building developed by Guy Altberg with plans filed May 25, 2018 and permitted January 28, 2021.

The surrounding

Within a 400-foot radius of 109 East 118 Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which WG & Associates Management And Development bought the 23,550-square-foot, 30-unit rental (C7) on 1664 Park Avenue and six other properties for $12.2 million from National Equity Fund on April 19, 2022. Of those three items, two were loans above $5 million totaling $110.1 million. The most recent of the two was LIHC Investment Group which borrowed $73.1 million from NYC Housing Development Corporation secured by the 46,518-square-foot, 24-unit rental (D9) on 125 East 118th Street and eight other properties on January 18, 2022.

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