Elchonon Shilian signs $10.7M refi with Standard Insurance for 24-unit rental in Morris Heights

Elchonon Shilian through the entity Hsk Harrison LLC as borrower signed a refi loan with lender Standard Insurance Company valued at $10.7 million for the 24-unit residential elevator building (D1) at 1816 Harrison Avenue in Morris Heights, Bronx.
The deal closed on May 8, 2025 and was recorded on May 13, 2025. The prior lender was Quanta Finance which held debt that had an original loan amount of $6.7 million.The property has 19,730 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $542 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 November 30, 2020, for $879,000. The signatory for Elchonon Shilian was Elchonon Shilian. The signatory for Standard Insurance Company was Jesse Levin and Heather Murbach .

The property

The residential elevator building with 24 residential units in Morris Heights has 19,730 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 107 feet deep with a total lot size of 4,327 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled $6.7 million and was provided by Quanta Finance on October 6, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $30,000 in ECB penalties, and $30,600 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 220733384, for a 24-unit, 15,561 square-foot R-2 building. The project was submitted by Yoel Horowitz with plans filed June 3, 2020 and permitted June 14, 2022.

The block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 436,636 square feet of the 890,705 square feet. The largest owner is Camber Property Group, followed by New York City Housing Authority and then Atlantic Development Group.
On the tax block, there were three new building construction projects totaling 71,057 square feet. The largest is a 96-unit, 54,496 square-foot residential (R-2) building submitted by Community Builders and filed by Jesse Batus with plans filed November 4, 2022 and it has not been permitted yet. The second largest is a 24-unit, 15,561 square-foot residential (R-2) building submitted by Yoel Horowitz with plans filed June 3, 2020 and permitted June 14, 2022.

The majority, or 88 percent of the 890,705 square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Elchonon Shilian owned at least seven commercial properties with 144 residential units in New York City with 74,180 square feet and a city-determined market value of $7.4 million. (Market value is typically about 50% of actual value.) The portfolio has $47.5 million in debt, with top three lenders as Bank of Princeton, Popular Bank, and Bayport Funding respectively. Within the portfolio, the bulk, or 64 percent of the 74,180 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 84 percent of the built space, is in Brooklyn, with Bronx next at 16 percent of the space.

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