Artifact, Khubani sign $38.2M refi with Genesis Capital for properties in Harlem

Artifact and Ashok Khubani through the entity 1867-1871 Amsterdam Avenue LLC as borrower signed a refi loan with lender Genesis Capital through the entity Genesis Capital, LLC valued at $38.2 million for two properties at 1867 Amsterdam Avenue and at 1871-1873 Amsterdam Avenue in Harlem, Manhattan.

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 44,684 square feet. The largest, M00651526, is a new building project for a 47-unit, 38,108 square-foot 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, M00649645, is a new building project for a seven-unit, 6,576 square-foot R-2 building submitted by Javier Martinez with plans filed December 27, 2021 and permitted June 6, 2024.

The deal closed on March 3, 2026 and was recorded on March 18, 2026. The prior lender was Bravo Capital which held debt that had an original loan amount of $36.8 million.
The signatory for Artifact and Ashok Khubani was Javier Martinez . The signatory for Genesis Capital was Candice Shih .

The property

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 $2.8 million. Genesis Capital on March 3, 2026 bought a loan with an original principal of $36.8 million from Bravo Capital signed by Aaron Krawitz , secured by 1867 Amsterdam Avenue and 1871-1873 Amsterdam Avenue, when owned by Artifact and Ashok Khubani.

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 $65,820 in ECB penalties and $66,620 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 2.6 times the average sales volume among other neighborhoods with $827.5 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Harlem has 2.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 1867 Amsterdam Avenue, PincusCo has identified the owners of 11 of the 17 commercial properties representing 140,118 square feet of the 159,525 square feet. The largest owner is Michael Daniel, followed by Ashok Khubani and then Rockledge.
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 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