Artifact, Ashok Khubani sign $85.5M refi for 120-unit development in Washington Heights

Artifact and Ashok Khubani through the entity West 158 Street Opportunity, LLC as borrower signed a refi loan with lender Genesis Capital through the entity Genesis Capital, LLC valued at $85.5 million for the 13-unit development building (V1) at 636-646 West 158th Street in Washington Heights, Manhattan.

On the lot, there is a new building construction project, M00628781, for a 120-unit, 118,559 square-foot residential (R-2) building. The project was submitted by Artifact and filed by Javier Martinez with plans filed November 11, 2021.
The deal closed on February 18, 2026 and was recorded on February 26, 2026. The prior lender was Genesis Capital which held debt that had an original loan amount of $59 million. The property has 18,918 square feet of built space and 112,104 square feet of additional air rights for a total buildable of 112,104 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,519 and the price per buildable square foot is $762 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 owner bought the property on March 3, 2022, for $2.5 million. The signatory for Artifact and Ashok Khubani was Javier Martinez . The signatory for Genesis Capital was Yvonne Gruenberg.

Prior sales, articles 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.

The property

The development building with 13 residential units in Washington Heights has 18,918 square feet of built space and 112,104 square feet of additional air rights for a total buildable of 112,104 square feet according to a PincusCo analysis of city data. The parcel has frontage of 111 feet and is 149 feet deep with a total lot size of 18,622 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $13.4 million. Genesis Capital on February 18, 2026 bought a loan with an original principal of $59.0M from Genesis Capital signed by prior lender signatory, secured by 636-646 West 158th St, when owned by Artifact|Ashok Khubani.

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 $25,090 in ECB penalties and $32,740 in OATH penalties in the last year.

The neighborhood

In Washington Heights, The bulk, or 45 percent of the 66 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 $510.9 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Washington Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

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 Eugene Mendlowits, 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 August 29, 2025.

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 17 commercial properties with 72 residential units in New York City with 122,364 square feet and a city-determined market value of $23.4 million. (Market value is typically about 50% of actual value.) The portfolio has $52 million in debt, with top three lenders as Genesis Capital, Connectone Bank, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 34 percent of the 122,364 square feet of built space are industrial properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Ashok Khubani owned at least 11 commercial properties with 12 residential units in New York City with 39,528 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 29 percent of the 39,528 square feet of built space are specialty properties, with A9 properties next occupying 17 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link