JTS Capital buys $7.9M note secured by 36-unit building in Harlem
605 West 137th Street (Credit - Google)
JTS Capital Group through the entity JTS Capital 3-C LLC bought a note with an original principal of $7.9 million from Investors Bank secured by Moses Berkovics’s 36-unit residential elevator building (D1) at 605 West 137th Street in Harlem, Manhattan.
The deal closed on September 13, 2022 and was recorded on September 22, 2022. The prior lender was Investors Bank which held debt that had an original loan amount of $7.9 million. The property has 38,750 square feet of built space and 16,396 square feet of additional air rights for a total buildable of 55,143 square feet according to PincusCo analysis of city data.
The owner bought the property on December 20, 2012, for $10 million.
Prior sales and revenue
The owner according to the Department of Housing Preservation and Development is Moses Berkovics, head officer. The business entity is West 137th 605 Llc. The 38,750-square-foot property generated revenue of $1 million or $26 per square foot, according to the most recent income and expense figures.
The property
The 605 West 137th Street parcel has frontage of 91 feet and is 99 feet deep with a total lot size of 9,160 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.9 million.
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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 two DOB violations and $50 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 68,102 square feet of the 313,231 square feet. The largest owner is SDG Management, followed by Jason Green and then Mark Schik.
There are no active new building construction projects on this tax block.
The majority, or 87 percent of the 313,231 square feet of built space are elevator buildings, with walkup buildings next occupying 13 percent of the space.
The borrower
The PincusCo database currently indicates that Moses Berkovics owned at least two commercial properties in New York City with 13,560 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 13,560 square feet of built space are walkup properties, with mixed-use properties next occupying 38 percent of the space. They are all located in Brooklyn.
Direct link to Acris document. link