Artimus signs $220M refi with Bank Hapoalim for new 490-unit rental in Harlem

Artimus through the entity 1440 Owner LLC as borrower signed a refi loan with lender Bank Hapoalim valued at $220 million for the newly constructed 490-unit residential elevator building (D6) at 1440 Amsterdam Avenue in Harlem, Manhattan.
The deal closed on August 14, 2025 and was recorded on August 28, 2025. The property has 468,706 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $469 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 August 31, 2023, for $3.3 million. The signatory for Artimus was Yoav Haron. The signatory for Bank Hapoalim was Judy Barnes and Kevin Hung. The prior lender was Valley National Bank which by the signatory Oren Saperstein assigned the debt that had an original loan amount of $210 million.

The property

The residential elevator building with 490 residential units in Harlem has 468,706 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 125 feet deep with a total lot size of 24,990 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 million.

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 not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project, M00641741, for a 393-unit, 409,961 square-foot R-2 building. The project was submitted by Grid Group and filed by Yiannes Einhorn with plans filed December 17, 2021 and permitted February 7, 2024.

The block

On this tax block, PincusCo has identified the owners of six of the six commercial properties representing 1,367,533 square feet of the 1,367,533 square feet. The largest owner is Gilbane Inc., followed by Nyc Department Of Education and then Artimus.
On the tax block, there was one new building construction project filed totaling 409,961 square feet. It is a 393-unit, 409,961 square-foot residential (R-2) building submitted by Grid Group and filed by Yiannes Einhorn with plans filed December 17, 2021 and permitted February 7, 2024.

The majority, or 94 percent of the 1.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Artimus owned at least 31 commercial properties with 1,455 residential units in New York City with 551,487 square feet and a city-determined market value of $120.7 million. (Market value is typically about 50% of actual value.) The portfolio has $615.9 million in debt, with top three lenders as Valley National Bank, Community Preservation Corporation, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 56 percent of the 551,487 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. They are all located in Manhattan.

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