Empire Management refis $35.6M with New York Community Bank for rentals in Manhattan

Empire Management refinanced four rental buildings with a total of $35.6 million from New York Community Bank for rentals in Manhattan in two separate transactions.

In the first, Empire Management through the entity 615fw-R LLC as borrower signed a refi loan with lender New York Community Bank valued at $28 million for three rentals including the 66-unit rental (D1) at 640 Ft Washington Avenue in Washington Heights, Manhattan, 60-unit rental (D1) at 660 Ft Washington Avenue in Washington Heights, Manhattan, and 47-unit rental (D1) at 615 Ft Washington Avenue in Washington Heights, Manhattan.
The deal closed on April 28, 2021 and was recorded on September 27, 2021.
The three properties have 176,068 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $159 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 signatory for Empire Management was Fred Ohebshalom.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $103,000.
The owners according to the Department of Housing Preservation and Development includes Bashkim Idrizi, head officer and Steven Kurlander, officer. The business entity is Movado Realty Llc.

Direct link to Acris document. link

In the second filing, Empire Management through the entity 226e53-Mrc LLC as borrower signed a refi loan with lender New York Community Bank valued at $7.6 million for the 17-unit rental (C7) at 226 East 53rd Street in Midtown, Manhattan.
The deal closed on April 28, 2021 and was recorded on September 27, 2021.
The property has 16,920 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $449 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 September 1, 2007, for $754,502.
The signatory for Empire Management was Fred Ohebshalom.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $127,000. One of the projects were to change the number of residential units from 0 to 16.
The owners according to the Department of Housing Preservation and Development includes Ramin Shalom, head officer and Fred Shalom, officer. The business entity is Fifty Third Group Associates, Llc.

Direct link to Acris document. link