Procida Companies signs $81.7M construction loan with Capital One for specialty in Harlem

Procida Companies through the entity Hp Malcolm Shabazz Hdfc, Inc. as borrower signed a new construction loan with lender Capital One valued at $81.7 million for the 123-unit, two-tower new development project at 52 West 116th Street in Harlem, Manhattan.

There is a 123-unit, 115,456 square-foot residential (R-2) building project, M00482837, submitted by Procida Companies and filed by Peter Procida on November 22, 2024 that were permitted February 4, 2026.
The deal closed on January 14, 2026 and was recorded on February 5, 2026. The property has zero square feet of built space and 107,220 square feet of additional air rights for a total buildable of 107,220 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $761 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 Procida Companies was Mario Procida . The signatory for Capital One was Loretta M. Duffy.

The property

The parcel has frontage of 100 feet and is 2,018 feet deep with a total lot size of 21,444 square feet. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $509,000.

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 not received any significant violations 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 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 2.5 times the average sales volume among other neighborhoods with $806.6 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Harlem has 2.6 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 4 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. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 31,340 square feet of the 90,455 square feet. The two identified owners are Cb-Emmanuel Realty and Rester Management.
On the tax block, there were three new building construction projects totaling 185,777 square feet. The largest is a 123-unit, 115,456 square-foot residential (R-2) building submitted by Procida Companies and filed by Peter Procida with plans filed November 22, 2024 and permitted February 4, 2026. The second largest is a 46-unit, 35,199 square-foot hotel/dormitory/shelter (R-1) building submitted by Borough Equities and filed by Michael Bauer with plans filed October 22, 2022 and permitted May 21, 2024.

The majority, or 79 percent of the 90,455 square feet of built space are walkup buildings, with retail buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Procida Companies owned at least seven commercial properties with 467 residential units in New York City with 142,294 square feet and a city-determined market value of $19.8 million. (Market value is typically about 50% of actual value.) The portfolio has $188.5 million in debt, borrowed from NYC Housing Development Corporation and Webster Bank. Within the portfolio, the bulk, or 97 percent of the 142,294 square feet of built space are elevator properties, with B3 properties next occupying 1 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Queens next at 3 percent of the space.

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