Fred Ohebshalom’s Empire Management borrows $8M from Oritani Bank for property in Midtown East

Fred Ohebshalom’s Empire Management through the entity Prime Realty Associates, LLC as borrower signed a loan agreement with lender Oritani Bank valued at $7.7 million for 3 parcels, including the tax class primarily three family with store or office (S3) and containing 7 residential units at 224 East 53rd Street, 222 East 53rd Street, 220 East 53rd Street in Midtown East. The deal closed on August 27, 2019 and was recorded on September 19, 2019.
The property contains a total of 4,210 square feet of built space. The property has 11,447 square feet of available development rights.
The average loan per buildable square foot is $343.

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