Artifact gets $10.5M construction loan from Bank Hapoalim for Hamilton Heights resi conversion

Developer Artifact through the entity CH 150 Holdings, LLC as borrower signed a loan agreement with lender Bank Hapoalim valued at $10.5 million for 1 parcel, including the tax class garage with two or more stories (G1) at 457 West 150th Street in Hamilton Heights. The deal closed on August 24, 2020 and was recorded on October 2, 2020.
The property contains a total of 19,200 square feet of built space.
The average loan per buildable square foot is $525.
Javier Martinez, founder and CEO of Artifact, was the signatory for the borrower. The last time the property sold was March 27, 2018, for $6,300,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $700,000. Those filings sought to increase the number of residential units by 26 to 26 There was one renovation/alteration project (A2) applied for with a total estimated value of $200,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link