L+M, HCCI sign $86.9M construction loan for 105-unit project in Harlem

L+M Development Partners and Harlem Congregations For Community Improvement through the entity Seneca 110 Developer LLC as borrower signed a new construction loan with lender M&T Bank through the entity M&T Bank valued at $86.9 million for the specialty building (Y3) at 31 Central Park North in Harlem, Manhattan. The total financing was $97.8 million, Yimby reported in May.

On the lot, there is one active new building construction project, M01129115, for a 105-unit, 121,476 square-foot residential (R-2) building. The project was submitted by Infinite Horizons and filed by Randall Powell with plans filed November 12, 2024 and it has not been permitted yet.

The building will replace a prison, and plans were filed in 2025 to have that building demolished.
The deal closed on May 15, 2026 and was recorded on June 10, 2026. The property has 69,645 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,247 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 L+M Development Partners and Harlem Congregations For Community Improvement was Spencer Orkus and Malcolm A. Punter .

The property

The specialty building in Harlem has 69,645 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 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 $8.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one housing violation and $325 in OATH penalties in the last year.

Development

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.4 times the average sales volume among other neighborhoods with $844 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 2.3 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 12 commercial properties representing 325,210 square feet of the 418,495 square feet. The largest owner is L+M Development Partners, followed by Ramesh Menon and then Stellar Management .
On the tax block, there was one new building construction project filed totaling 121,476 square feet. It is a 105-unit, 121,476 square-foot residential (R-2) building submitted by Infinite Horizons and filed by Randall Powell with plans filed November 12, 2024 and it has not been permitted yet.

The majority, or 60 percent of the 418,495 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that L+M Development Partners owned at least 277 commercial properties with 25,883 residential units in New York City with 23,902,529 square feet and a PincusCo-determined asset value of $8.5 billion. The portfolio has $3.7 billion in debt, with top three lenders as NYC Housing Development Corporation , Wells Fargo, and Goldman Sachs respectively. Within the portfolio, the bulk, or 71 percent of the 23,902,529 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 40 percent of the built space, is in Manhattan, with Brooklyn next at 38 percent of the space.
The PincusCo database currently indicates that Harlem Congregations For Community Improvement owned at least 277 commercial properties with 25,883 residential units in New York City with 23,902,529 square feet and a PincusCo-determined asset value of $8.5 billion. The portfolio has $13.7 million in debt, borrowed from Berkadia Commercial Mortgage . Within the portfolio, the bulk, or 71 percent of the 23,902,529 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 40 percent of the built space, is in Manhattan, with Brooklyn next at 38 percent of the space.

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