Azimuth Development signs $13M construction loan with KeyBank in Central Harlem

Azimuth Development Group through the entity 15 West 118 Owners LLC as borrower signed a new construction loan with lender KeyBank valued at $13 million for the 51-unit project at 15 West 118th Street in Central Harlem, Manhattan.
The deal closed on August 25, 2021 and was recorded on September 10, 2021.
The property has 28,114 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $462 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 8/25/21, for $3 million.
The signatory for Azimuth Development Group was Panagiotis Boboris.
(121206417) Plans for a 51-unit, 28,931 square-foot R-2 were filed on October 10, 2019 and were permitted on August 11, 2021.

Within a 400-foot radius of 15 West 118th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit with a total initial cost of $915,425 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.5 million. The most recent of these two items was the temporary certificate of occupancy on March 17, 2021 for a 19,476-square-foot R-2 building with 24 residential units at 23 West 119th Street.

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