Benjamin Ohebshalom borrows $9M from Sterling National Bank for multifamily property in Carnegie Hill

Benjamin Ohebshalom through the entity Med LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $9.1 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 50 residential units at 1656 Third Avenue in Carnegie Hill. The deal closed on May 12, 2020 and was recorded on May 13, 2020.
The property contains a total of 20,831 square feet of built space. The property has 52,209 square feet of available development rights.
The average loan per unit is $181,000.
The last time the property sold was April 29, 2017, for $20,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 4 residential (or hotel) units on September 17, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application 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 $80,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link