Novis Living signs $31.2M renovation loan for properties in Harlem

Novis Living through the entity Harlem Homeownership Partners LLC as borrower signed a renovation construction loan with lender Local Initiatives Support Corporation through the entity Local Initiatives Support Corporation valued at $31.2 million for four residential walkup properties with 54 residential units including the 26-unit walkup building (C1) at 204 West 120th Street, the eight-unit walkup building (C7) at 2350 Fredrick Douglass Boulevard, and the 10-unit walkup building (C1) at 305 West 126th Street, all in Harlem, Manhattan.
The deal closed on May 15, 2024 and was recorded on May 30, 2024. The four properties have 40,137 square feet of built space and 2,365 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $777 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 Novis Living was Asher Toporovsky. The signatory for Local Initiatives Support Corporation was Bob Cooney.

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 204 West 120th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Simone Ross, head officer and Austin Dash, site manager. The business entities are 204 West 120th St T.A. and City Of New York.

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 three DOB violations, 15 housing violations, $880 in OATH penalties, and two housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 204 West 120th Street, PincusCo has identified the owners of seven of the 14 commercial properties representing 215,004 square feet of the 441,281 square feet. The largest owner is Nyc Department Of Education, followed by New York City Housing Authority and then New York City Department Of Housing Preservation And Development.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 441,281 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

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