$50M loan with JPMorgan Chase signed for 13 AYA-affiliated properties in Manhattan
Affiliates of Tal Adini and AYA Acquisitions through the entity Gmart De 2022 LLC (and others) as borrowers signed an initial loan with lender JPMorgan Chase valued at $50 million for 13 properties with 271 residential units including the 95-unit residential elevator building (D6) at 740 West End Avenue in Upper West Side, Manhattan, 35-unit residential elevator building (D2) at 217 East 22nd Street in Gramercy, Manhattan, and 20-unit residential walkup building (C4) at 640 East 14th Street in Alphabet City, Manhattan.
The deal closed on May 1, 2025 and was recorded on May 9, 2025. The 13 properties have 252,891 square feet of built space and 19,578 square feet of additional air rights for a total buildable of 260,650 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $197 and the price per buildable square foot is $191 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 AYA Acquisitions and Tal Adini was Boaz Adini .
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 740 West End Avenue.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Amir Shriki, head officer and Don Ajir, site manager. The business entities are David Eisenstein Real Estate and Targam Ny Llc. Out of the 13 properties, six with a total of 252,891 square feet of built space generated revenue of $6.7 million per year.
The property
The residential elevator building with 95 residential units in Upper West Side has 252,891 square feet of built space and 19,578 square feet of additional air rights for a total buildable of 260,650 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 125 feet deep with a total lot size of 12,615 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the property in 2022 is $15.1 million. The property has 58 rent regulated units according to city tax records from 2022.
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, $11,250 in ECB penalties, 14 housing violations, $13,410 in OATH penalties, and one housing litigation 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 740 West End Avenue, PincusCo has identified the owners of five of the six commercial properties representing 250,062 square feet of the 303,367 square feet. The largest owner is Nathan Benelyahou, followed by Aya Acquisitions and then Fortune Society.
There are no active new building construction projects on this tax block.
The majority, or 88 percent of the 303,367 square feet of built space are elevator buildings, with hotel buildings next occupying 9 percent of the space.
The borrower
The PincusCo database currently indicates that Aya Acquisitions owned at least four commercial properties with 131 residential units in New York City with 162,842 square feet and a city-determined market value of $27 million. (Market value is typically about 50% of actual value.) The portfolio has $13.5 million in debt, borrowed from Patriot Bank. Within the portfolio, the bulk, or 83 percent of the 162,842 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. They are all located in Manhattan.
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