Farzad Shahery borrows $17.1M from New York Community for multifamily in West Harlem

Farzad Shahery through the entity 281 St. Nicholas Partners LLC as borrower signed a loan agreement with lender New York Community Bank valued at $17.1 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 32 residential units at 281 St Nicholas Avenue in West Harlem. The deal closed on September 4, 2020 and was recorded on September 14, 2020.
The property contains a total of 50,706 square feet of built space. The property has 66,801 square feet of available development rights.
The average loan per unit is $534,375.
The last time the property sold was December 19, 2012, for $7,900,000.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $1,518,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link