Steven Neuman signs $25.8M refi with Hanover Capital for dev site in Harlem

Steven Neuman through the entity One45 Lenox LLC as borrower signed a refi loan with lender Hanover Capital through the entity One45 Hanover Lender LLC valued at $25.8 million for the development site at 104 West 145th Street in Harlem, Manhattan.
The deal closed on October 9, 2025 and was recorded on October 14, 2025. The prior lender was ConnectOne Bank which held debt that had an original loan amount of $20 million.The property has 32,654 square feet of built space and 104,469 square feet of additional air rights for a total buildable of 137,460 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $790 and the price per buildable square foot is $187 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 owner bought the property on March 16, 2015, for $12.2 million. The signatory for Steven Neuman was Steven Neuman. The signatory for Hanover Capital was Rami Ben Yehuda .

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 117,036 square feet. The largest, M00601915, is a new building project for a 12-unit, 68,841 square-foot R-2 building submitted by Coltown Properties and filed by Bruce Teitelbaum with plans filed October 6, 2021 and permitted May 3, 2022. The second largest, M00602001, is a new building project for a 12-unit, 48,195 square-foot R-2 building submitted by Coltown Properties and filed by Bruce Teitelbaum with plans filed October 6, 2021 and permitted May 16, 2022.

Prior sales and revenue

The 32,654-square-foot property generated revenue of $2.2 million or $68 per square foot, according to the most recent income and expense figures.

The property

The retail building in Harlem has 32,654 square feet of built space and 104,469 square feet of additional air rights for a total buildable of 137,460 square feet according to a PincusCo analysis of city data. The parcel has frontage of 589 feet and is 99 feet deep with a total lot size of 68,730 square feet. The lot is irregular. The zoning is C8-3 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $12.3 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 $2,250 in ECB penalties and $9,770 in OATH penalties in the last year.

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 $725.1 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 2.6 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.9 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 nine of the 12 commercial properties representing 178,269 square feet of the 210,895 square feet. The largest owner is Lemor Development Group, followed by Community League Of The Heights and then Coltown Properties.
On the tax block, there were two new building construction projects totaling 117,036 square feet. The largest is a 12-unit, 68,841 square-foot residential (R-2) building submitted by Coltown Properties and filed by Bruce Teitelbaum with plans filed October 6, 2021 and permitted May 3, 2022. The second largest is a 12-unit, 48,195 square-foot residential (R-2) building submitted by Coltown Properties and filed by Bruce Teitelbaum with plans filed October 6, 2021 and permitted May 16, 2022.

The majority, or 69 percent of the 210,895 square feet of built space are walkup buildings, with retail buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Steven Neuman owned at least eight commercial properties with 331 residential units in New York City with 269,530 square feet and a city-determined market value of $28.1 million. (Market value is typically about 50% of actual value.) The portfolio has $25.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 73 percent of the 269,530 square feet of built space are walkup properties, with elevator properties next occupying 27 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Bronx next at 27 percent of the space.

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