Arden Group signs $150M construction loan with Banco Inbursa for 222-unit project in Washington Heights
Arden Group through the entity Aqozfi Inwood, LLC as borrower signed a new construction loan with lender Banco Inbursa valued at $150 million for the development building (V1) at 4650 Broadway in Washington Heights, Manhattan.
On the lot, there is one active new building construction project for a 222-unit, 258,443 square-foot R-2 building. The project was submitted by Arden Group and filed by Joseph Caruso with plans filed November 29, 2021 and it has not been permitted yet.
The deal closed on April 14, 2023 and was recorded on April 20, 2023.
The owner bought the property on November 12, 2019, for $54 million. The signatory for Arden Group was Joseph S. Caruso. Crain’s first reported this story earlier this week.
The property
The parcel has frontage of 180 feet and is 204 feet deep with a total lot size of 47,175 square feet. The lot is irregular. 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 $1.2 million. The most recent loan totaled $34 million and was provided by SCALE Lending on December 17, 2021.
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 one DOB violation, $2,500 in ECB penalties, and $2,900 in OATH penalties in the last year.
The neighborhood
In Washington Heights, The bulk, or 45 percent of the 65.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.6 times the average sales volume among other neighborhoods with $576.1 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Washington Heights has 1.3 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 20 of the 31 commercial properties representing 776,599 square feet of the 1,291,095 square feet. The largest owner is Sopher Group, followed by Sol Goldman Investments and then Shloime Gross.
On the tax block, there was one new building construction project filed totaling 258,443 square feet. It is a 222-unit, 258,443 square-foot residential (R-2) building submitted by Arden Group and filed by Joseph Caruso with plans filed November 29, 2021 and permitted March 24, 2022.
The majority, or 73 percent of the 1.3 million square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.
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