Edge Property Group borrows $18M from Sterling National Bank for hotel in Washington Heights

Ari Sherizen’s Edge Property Group through the entity 514 West 168th Street, LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $18.3 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) with 54 units at 514 West 168th Street in Washington Heights. The deal closed on May 4, 2020 and was recorded on May 7, 2020.
The property contains a total of 38,418 square feet of built space.
The average loan per buildable square foot is $476.
The last time the property sold was February 9, 2012, for $1,400,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 54 hotel units on October 5, 2015.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $1,320,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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