Ashkenazy Acquisition modifies $29.8M loan on retail property in Washington Heights

Ashkenazy Acquisition through the entity 4250 Broadway Retail Owners LLC as borrower signed a loan agreement valued at $29.8 million for one parcel, including the tax class two-story or store and office (K2) at 4250 Broadway in Washington Heights. The deal closed on June 9, 2020 and was recorded on July 28, 2020.
The property contains a total of 20,356 square feet of built space. The property has 34,774 square feet of available development rights.
The average loan per buildable square foot is $522.
The last time the property sold was December 8, 2014, when Ashkenazy bought it for $36,700,000.

The loan modification defers interest, according to the filing: “pursuant to the First Amendment to Loan Documents, a portion of the interest is being deferred and will accrue and constitute Debt and be secured by the Mortgage.”

The loan is held by bondholders of AREIT 2018-CRE2 and was originated by Argentic Real Estate Investment.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,114,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link