Fannie Mae files $13.5M pre-foreclosure at 88-unit Ohebshalom building in Lincoln Square

Lender Fannie Mae filed a $13.5 million pre-foreclosure action yesterday in U.S. District Court in Manhattan alleging a 2016 loan secured by an 88-unit building at 248 West 72nd Street in Lincoln Square, owned by members of the Ohebshalom family, was in a maturity default.
Case 1:24-cv-04135 LINK
Fannie Mae alleges the loan was not repaid after maturing on March 1, 2024. The lender sent a demand letter dated April 12, 2024, to Richard, Daniel, Lisa and Amy Ohebshalom, stating the loan was in a maturity default.

The Ohebshalom entities refinanced the debt on the property in April 2016 with a $13.5 million loan from Hunt Mortgage Capital, which was assigned the loan to Fannie Mae.

The Ohebshalom family owns a large number of properties, with family members controlling their own stakes through management companies. Daniel Ohebshalom, also known as Dan Shalom, along with Lisa, has Keystone Management, Richard has Pink Stone Capital and Amy has Gatsby Management. Other family members not involved in this property include Fred Ohebshalom, who operates Empire Management.

Daniel is facing criminal charges related to some of his real estate assets. In March 2024, Daniel turned himself in to local authorities to serve a 60-day sentence for not making fixes on “immediately hazardous” building violations at Washington Heights properties. NBC News reported that as Daniel reported to Rikers Island jail, another detainee punched Daniel in the face, though the report says the landlord was likely not targeted since the assailant threatened others as well.

Then on May 1, 2024, the New York City District Attorney Alvin Bragg announced his office indicted Daniel on charges related to allegations of tenant harassment at five buildings, but not this one.

The elevator building with 88 residential units in Lincoln Square has 87,150 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 102 feet deep with a total lot size of 6,129 square feet. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the West End-Collegiate Historic District Extension. The city-designated market value for the property in 2022 is $17 million.

Prior sales and revenue

The 87,150-square-foot property generated revenue of $3.2 million or $37 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received two DOB violations, $1,250 in ECB penalties, 27 housing violations, and $2,300 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Lincoln Square, The majority, or 61 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has near average sales volume among other neighborhoods with $641.2 million in sales volume in the last two years and is the 13th highest in Manhattan. For development, Lincoln Square has near average amount of major developments among other neighborhoods and is the 19th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 180,675 square feet of the 397,218 square feet. The largest owner is Brusco Group, followed by Dominique Olbert and then Fine Times. On the tax block, there were two new building construction projects totaling 35,764 square feet. The largest is a 19-unit, 30,504 square-foot residential (R-2) building submitted by SK Development and filed by Scott Shnay with plans filed December 7, 2017 and permitted August 6, 2019. The second largest is a two-unit, 5,260 square-foot residential (R-3) building submitted by Mary Margaret Chan with plans filed November 19, 2020 and it has not been permitted yet.

The owner

The owners according to the Department of Housing Preservation and Development includes Ramin Shalom, head officer and Fred Ohebshalom, officer. The business entity is Shalco Properties, Llc.

The surrounding

Within a 400-foot radius of 248 West 72 Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, three were sales above $5 million totaling $34.2 million. The most recent of the three was Haresh Sajnani which bought the 3,696-square-foot, eight-unit rental (C1) on 258 West 71st Street for $5.7 million from Shauna Fitzgibbons and Gary Alan Culliss on September 18, 2023. Of those seven items, four were loans above $5 million totaling $213.7 million. The most recent of the four was Centurion Real Estate Partners in which borrowed $170 million from Macquarie Group secured by one condo unit in the 157,952-square-foot, 113-unit mixed-use building (RM) on 200 West 72nd Street and 57 other properties on January 29, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.