Infinite Horizons signs $52.3M rehab construction loan for five properties in Harlem
Infinite Horizons through the entity West Harlem Renaissance Housing Development Fund C as borrower signed a rehab construction loan with lender Webster Bank valued at $52.3 million for five properties with 121 residential units including the 42-unit residential elevator building (D4) at 103-109 West 141st Street in Harlem, Manhattan, 22-unit residential walkup building (C7) at 101 West 141st Street in Harlem, Manhattan, and 30-unit residential walkup building (C1) at 121-123 West 144th Street in Harlem, Manhattan.
The deal closed on December 21, 2023 and was recorded on January 3, 2024. The five properties have 102,581 square feet of built space and 2,006 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $509 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 Infinite Horizons was Randall E. Powell. The signatory for Webster Bank was Glenn P. Lunde.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 103-109 West 141st Street.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Salvatore D’Avola, head officer and Roland Powell, agent. The business entities are Infinite Horizon Management and Neighborhood Restore HDFC. Out of the five properties, two with a total of 102,581 square feet of built space generated revenue of $1.4 million per year.
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 15 DOB violations, $37,500 in ECB penalties, 34 housing violations, and $41,670 in OATH penalties in the last year.
Development
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 55,856 square feet. The largest is a major alteration project for a 43-unit, 42,498 square-foot R-2 building submitted by Salvatore D’Avola with plans filed February 3, 2022 and permitted December 5, 2023. The second largest is a major alteration project for a 15-unit, 13,358 square-foot R-2 building submitted by Salvatore D’Avola with plans filed February 3, 2022 and it has not been permitted yet.
The block
On the tax block of 103-109 West 141st Street, PincusCo has identified the owners of seven of the 19 commercial properties representing 316,552 square feet of the 560,247 square feet. The largest owner is West Harlem Group Associates, followed by Shaul Kopelowitz and then Monadnock Development.
There are no active new building construction projects on this tax block.
The majority, or 67 percent of the 560,247 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.
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