Developer Jiren He of Camp Eight Capital filed plans with the New York State Attorney General on August 18 for a four-unit residential condominium building to be built at 303 West 113th Street in Harlem, Manhattan, with a total sellout of $15.1 million or $3.77 million per unit.

The project was filed under the index number CD220182.

Jiren He bought the parcel October 27, 2021, for $2.4 million from Sugar Hill Capital Partners. On December 14, 2021, He filed plans for a 10,476-square-foot residential building with six floors and four units.

The 303 West 113 Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,523 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $973,000.

Property

On this tax block, PincusCo has identified the owners of 15 of the 29 commercial properties representing 227,105 square feet of the 398,238 square feet. The largest owner is Sugar Hill Capital Partners, followed by Selk Housing Development Fund Company Inc. and then Artimus. There are three active new building construction projects totaling 34,033 square feet. The largest is a 14-unit, 20,093-square-foot R-2 building developed by Justin Meshberg with plans filed September 9, 2016 and permitted November 8, 2017. The second largest is a seven-unit, 3,464-square-foot R-2 building developed by Rona Reodica with plans filed May 7, 2020 and it has not been permitted yet.

Within a 400-foot radius of 303 West 113th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. One of those seven items was a sale which Namdar Realty Group and Klosed Properties bought the 44,622-square-foot, 59-unit rental (D1) on 312 Manhattan Avenue for $11.3 million from Scott Milchman on June 28, 2022. Of those seven items, six were loans above $5 million totaling $229.8 million. The most recent of the six was Melvin Lev which borrowed $5.2 million from Santander Bank secured by the 15,188-square-foot, 18-unit rental (D7) on 2070 8th Avenue on July 19, 2022.

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