Empire Management signs $13.7M refi with Signature Bank for rental in Washington Heights

Empire Management through the entity Kedron Associates LLC as borrower signed a refi loan with lender Signature Bank valued at $13.7 million for the 74-unit rental (D1) at 700 Ft Washington Avenue in Washington Heights, Manhattan.
The deal closed on September 13, 2021 and was recorded on September 28, 2021.
The property has 83,402 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $164 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 December 31, 2006, for $9.7 million.
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 $201,000.
The owners according to the Department of Housing Preservation and Development includes Steven Kurlander, head officer and Fred Shalom, officer. The business entity is Kedron Associates.
Within a 400-foot radius of 700 Ft Washington Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Gatsby Enterprises borrowed $20.0 million from Capital One, National Association secured by the 90,446-square-foot, 100-unit rental (D1) on 690 Ft Washington Avenue on February 28, 2020.

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