Urban Resource Institute signs $74.3M construction loan for 92-unit project in Harlem

Urban Resource Institute through the entity 487 West 129th Street Transitional Housing as borrower signed a new construction loan with lender Build NYC Resource Corporation through the entity The Bank Of New York Mellon valued at $74.3 million for the 92-unit project at 478 West 130th Street in Harlem, Manhattan.

On the lot, there is one active new building construction project, M01099089, for a 92-unit, 58,104 square-foot residential (R-2) building. The project was submitted by Urban Resource Institute and filed by Charles Carroll with plans filed September 25, 2024 and permitted May 20, 2025.

The loan closed on August 7, 2025 and was recorded on August 19, 2025.
The owner bought the property on June 11, 2024, for $15.9 million. The signatory for Urban Resource Institute was Nathaniel Fields .

The property

PincusCo cannot determine the lot area of the 478 West 130th Street parcel at this time. The most recent loan totaled $13.3 million and was provided by KeyBank on June 11, 2024.

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.

The block

On this tax block, PincusCo has identified the owners of eight of the 16 commercial properties representing 296,265 square feet of the 581,015 square feet. The largest owner is Teresa Gottehrer, followed by Scharfman Organization and then Urban Resource Institute.
On the tax block, there was one new building construction project filed totaling 45,969 square feet. It is a 84-unit, 45,969 square-foot residential (R-2) building submitted by Urban Resource Institute and filed by Charles Carroll with plans filed September 25, 2024 and permitted May 20, 2025.

The majority, or 66 percent of the 581,015 square feet of built space are elevator buildings, with industrial buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Urban Resource Institute owned at least eight commercial properties with 291 residential units in New York City with 82,730 square feet and a city-determined market value of $16.1 million. (Market value is typically about 50% of actual value.) The portfolio has $201.7 million in debt, with top three lenders as 951 Olmstead Avenue Contract-Backed Pass-Through Trust, UMB Bank, and KeyBank respectively. Within the portfolio, the bulk, or 48 percent of the 82,730 square feet of built space are N2 properties, with elevator properties next occupying 38 percent of the space. The bulk, or 38 percent of the built space, is in Brooklyn, with Manhattan next at 33 percent of the space.

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