Chaim Simkowitz borrows $12M from Citi Real Estate Funding for multifamily property in Washington Heights

Chaim Simkowitz through the entity 649 West DE LLC as borrower signed a loan agreement with lender Citi Real Estate Funding Inc. valued at $12.0 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 69 residential units at 649 West 184th Street, 325 Wadsworth Avenue, 85 Fairview Avenue in Washington Heights. The deal closed on November 5, 2019 and was recorded on November 18, 2019.
The property has 56,603 square feet of available development rights.
The average loan per unit is $173,913.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $45,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link