Albert Srour signs $7.2M refi with Signature for mixed-use in Washington Heights

Albert Srour through the entity 2042 Amsterdam LLC as borrower signed a refi loan with lender Signature Bank valued at $7.2 million for the mixed-use building (K2) at 2042 Amsterdam Avenue in Washington Heights, Manhattan.
The deal closed on August 18, 2021 and was recorded on August 27, 2021.
The property has 27,439 square feet of built space and 35,174 square feet of additional air rights for a total buildable of 62,694 square feet according to PincusCo analysis of city data. The loan price per built square foot is $262 and the price per buildable square foot is $114 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 Albert Srour was Albert Srour.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Within a 400-foot radius of 2042 Amsterdam Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $42.3 million. The most recent of the two was Tahl Propp Equities which borrowed $32.4 million from Bellwether Enterprise Real Estate Capital, LLC secured by the 123,015-square-foot, 110-unit rental (D3) on 2034 Amsterdam Avenue on March 11, 2021.

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