Artifact, Ashok Khubani sign $36.8M construction loan with Bravo Capital in Harlem

Artifact and Ashok Khubani through the entity 1861 Amsterdam Avenue LLC as borrower signed a new construction loan with lender Bravo Capital through the entity BPT WSS Funding LLC valued at $36.8 million for three development properties with four residential units including the development building (V1) at 1861 and 1871 Amsterdam Avenue in Harlem, Manhattan.

On these lots, there are two active new building construction projects, totaling 44,684 square feet. The largest, M00651526, is a new building project for a 47-unit, 38,108 square-foot residential (R-2) building at 1861 Amsterdam Avenue submitted by Artifact Real Estate Development Company and filed by Javier Martinez with plans filed January 4, 2022 and permitted August 23, 2024. The second largest, M00649645, is a new building project for a seven-unit, 6,576 square-foot R-2 building at 1871 Amsterdam Avenue submitted by Javier Martinez of Artifact with plans filed December 27, 2021 and permitted June 6, 2024.
The deal closed on March 14, 2025 and was recorded on April 2, 2025. The prior lender was Dime Community Bank which held debt that had an original loan amount of $14 million.The three properties have 19,695 square feet of built space and 39,980 square feet of additional air rights for a total buildable of 55,568 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,865 and the price per buildable square foot is $661 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 Artifact and Ashok Khubani was Javier Martinez and Ashok Khubani. The signatory for Bravo Capital was Aaron Krawitz .

The property

The development building in Harlem has 19,695 square feet of built space and 39,980 square feet of additional air rights for a total buildable of 55,568 square feet according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 100 feet deep with a total lot size of 9,992 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million. The most recent loan totaled $10.1 million and was provided by Dime Community Bank on December 4, 2020.

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 two DOB violations, $19,900 in ECB penalties, and $21,100 in OATH penalties in the last year.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.9 times the average sales volume among other neighborhoods with $786.6 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Harlem has 2.7 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 1861-1865 Amsterdam Avenue, PincusCo has identified the owners of 10 of the 17 commercial properties representing 137,895 square feet of the 159,525 square feet. The largest owner is Michael Daniel, followed by Rockledge and then Danielle Sun.
On the tax block, there were three new building construction projects totaling 72,142 square feet. The largest is a 47-unit, 38,108 square-foot residential (R-2) building submitted by Artifact Real Estate Development Company and filed by Javier Martinez with plans filed January 4, 2022 and permitted August 23, 2024. The second largest is a 39-unit, 27,458 square-foot residential (R-2) building submitted by BRP Companies and filed by Meredith Marshall with plans filed April 4, 2017 and permitted January 29, 2018.

The majority, or 63 percent of the 159,525 square feet of built space are walkup buildings, with elevator buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Artifact owned at least 12 commercial properties with 57 residential units in New York City with 100,445 square feet and a city-determined market value of $17.4 million. (Market value is typically about 50% of actual value.) The portfolio has $43.1 million in debt, with top three lenders as Genesis Capital, Connectone Bank, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 42 percent of the 100,445 square feet of built space are industrial properties, with mixed-use properties next occupying 18 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Ashok Khubani owned at least nine commercial properties with 12 residential units in New York City with 25,805 square feet and a city-determined market value of $12.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 26 percent of the 25,805 square feet of built space are A9 properties, with M1 properties next occupying 19 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link