Lemle & Wolff borrows $14.5M from Sterling National Bank for property in Central Harlem

Lemle & Wolff Companies through the entity 117 Preservation Housing Development Fund Company, as borrower signed a loan agreement with lender Sterling National Bank valued at $14.5 million for 2 parcels, including the tax class multifamily, old law tenements (C4) and containing 57 residential units at 138 West 117th Street, 264 West 117th Street in Central Harlem. The deal closed on September 30, 2020 and was recorded on October 21, 2020.

The average loan per unit is $466,110.
The project according to the loan documents is to rehabilitate three residential buildings with a total of 41 affordable units. The signatory for Lemle & Wolff is company principal, Joseph J. Zitolo.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,808,023.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link