Elmo Realty signs $3.8M refi with A&E for 14-unit rental in Harlem

Elmo Realty through the entity Elmo Holdings LLC as borrower signed a refi loan with lender A&E Real Estate Holdings through the entity A&E Real Estate Financing SPV A-1, LLC valued at $3.8 million for the 14-unit residential elevator building (D7) at 2375 Adam Clayton Powell Jr. Boulevard in Harlem, Manhattan.
The deal closed on September 5, 2025 and was recorded on September 10, 2025. The prior lender was Dime Community Bank which held debt that had an original loan amount of $4.6 million.The property has 11,387 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $333 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 January 20, 2012, for $1,000,000. The signatory for Elmo Realty was Moujan Vahdat . The signatories for A&E Real Estate Holdings were Margaret Brunn and Daniel Allen .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Moujan Vahdat, head officer and Mamadou Davis, agent. The business entity is Elmo Holdings Llc. The 11,387-square-foot property generated revenue of $416,689 or $37 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 14 residential units in Harlem has 11,387 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2017 and expires in 2031. The city-designated market value for the property in 2022 is $1.8 million. The property has 14 rent regulated units according to city tax records from 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 two DOB violations, one housing violation, and $9,600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 21, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 17 of the 35 commercial properties representing 234,850 square feet of the 403,435 square feet. The largest owner is Mdg Design + Construction, followed by New York City Department Of Housing Preservation And Development and then Shamsy Baradarian.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 403,435 square feet of built space are walkup buildings, with elevator buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Elmo Realty owned at least four commercial properties with 11 residential units in New York City with 50,506 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) The portfolio has $86.9 million in debt, with top three lenders as Metropolitan Commercial Bank, Webster Bank, and PIMCO respectively. Within the portfolio, the bulk, or 82 percent of the 50,506 square feet of built space are M1 properties, with walkup properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Manhattan next at 18 percent of the space.

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