Urban Resource Institute signs $32.1M loan for two properties in Harlem
Urban Resource Institute through the entity 2332 And 2250 Acp Housing Development Fund Corp as borrower signed a initial loan with lender UMB Bank as trustee valued at $32.1 million for two specialty properties with 35 residential units including the specialty building (N2) at 2332 Adam C Powell Boulevard in Harlem, Manhattan and 35-unit specialty building (N2) at 2250 Adam C Powell Boulevard in Harlem, Manhattan.
The deal closed on February 7, 2024 and was recorded on February 8, 2024. The two properties have 27,112 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,182 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 Urban Resource Institute was Nathaniel Fields.
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 2250 Adam C Powell Blvd.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Michael Murphy, head officer and Adrianne Rosario, agent. The business entities are Urban Resource Institute and Urban Resource Institute.
The property
The specialty building with 35 residential units in Harlem has 27,112 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.8 million. The most recent loan totaled $26.4 million and was provided by KeyBank on October 26, 2023.
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 one DOB violation, one housing violation, and $2,360 in OATH penalties in the last year.
Development
For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. 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 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.3 times the average sales volume among other neighborhoods with $676.4 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 2.8 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On the tax block of 2250 Adam C Powell Blvd, PincusCo has identified the owners of 12 of the 17 commercial properties representing 236,374 square feet of the 454,013 square feet. The largest owner is Zalmen Management, followed by Neighborhood Restore and then Elysee Investment Corp.
There are no active new building construction projects on this tax block.
The majority, or 48 percent of the 454,013 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.
The borrower
The PincusCo database currently indicates that Urban Resource Institute owned at least three commercial properties with 96 residential units in New York City with 27,112 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio has $55.5 million in debt, borrowed from UMB Bank and KeyBank. Within the portfolio, the bulk, or 100 percent of the 27,112 square feet of built space are N2 properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.
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