Artifact, Ashok Khubani sign $59M construction loan for 120-unit project in Washington Heights

Artifact and Ashok Khubani through the entity Ask Florida III LLC as borrower signed a new construction loan with lender Genesis Capital valued at $59 million for the 120-unit project at 636 West 158th Street in Washington Heights, Manhattan.
On the lot, there is one active new building construction project, M00628781, for a 120-unit, 118,559 square-foot residential (R-2) building. The project was submitted by Artifact Real Estate Development Company and filed by Javier Martinez with plans filed November 11, 2021 and permitted June 8, 2022.
The deal closed on October 16, 2024 and was recorded on October 23, 2024. The prior lender was Genesis Capital which held debt that had an original loan amount of $16.4 million.
The owner bought the property on March 3, 2022, for $2.5 million. The signatory for Artifact and Ashok Khubani was Javier Martinez and Ashok Khubani. The signatory for Genesis Capital was Candice Shih.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Javier Martinez, head officer. The business entity is 636 West 158 Street Opportunity Llc.

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 $17,250 in ECB penalties, two housing violations, and $19,000 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 597,035 square feet of the 728,301 square feet. The largest owner is Yecheskel Eisenbach, followed by Goldmont Realty and then SDG Management.
On the tax block, there was one new building construction project filed totaling 118,559 square feet. It is a 120-unit, 118,559 square-foot residential (R-2) building submitted by Artifact Real Estate Development Company and filed by Javier Martinez with plans filed November 11, 2021 and permitted June 8, 2022.

The majority, or 87 percent of the 728,301 square feet of built space are elevator buildings, with mixed-use buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Artifact owned at least 11 commercial properties with 33 residential units in New York City with 97,205 square feet and a city-determined market value of $15.9 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 43 percent of the 97,205 square feet of built space are industrial properties, with mixed-use properties next occupying 19 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 27 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.

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