Gatsby Enterprises signs $17.2M refi with Amalgamated for 100-unit rental in Washington Heights

Gatsby Enterprises through the entity Fort Washington Holding LLC as borrower signed a refi loan with lender Amalgamated Bank valued at $17.2 million for the 100-unit residential elevator building (D1) at 690 Ft. Washington Avenue in Washington Heights, Manhattan.
The deal closed on February 26, 2026 and was recorded on March 5, 2026. The prior lender was Capital One which held debt that had an original loan amount of $20 million. The property has 90,446 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $190 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 Gatsby Enterprises was Nader Ohebshalom . The signatory for Amalgamated Bank was Jacob Nimmer .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Nader Ohebshalom, head officer and Lisa Shalom, officer. The business entity is Fort Washington Holdings Llc. The 90,446-square-foot property generated revenue of $2.8 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 100 residential units in Washington Heights has 90,446 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 183 feet deep with a total lot size of 20,625 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.3 million. Amalgamated Bank on February 26, 2026 bought a loan with an original principal of $20 million from Capital One signed by Charlotte Hancock, secured by 690 Ft Washington Avenue, when owned by Gatsby Enterprises . The property has 36 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $625 in ECB penalties and $1,325 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 41 of the 81 commercial properties representing 1,810,695 square feet of the 3,570,601 square feet. The largest owner is Empire Management, followed by Gatsby Enterprises and then Ranger Management.
On the tax block, there were two new building construction projects totaling 149,039 square feet. The largest is a 149,039 square-foot 57 building submitted by BLDG Management and filed by Lloyd Goldman with plans filed December 9, 2025 and it has not been permitted yet. The second largest is a 164-unit residential (R-2) building submitted by Nathan Shapiro with plans filed October 20, 2022 and it has not been permitted yet.

The majority, or 83 percent of the 3.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Gatsby Enterprises owned at least 36 commercial properties with 1,025 residential units in New York City with 741,499 square feet and a city-determined market value of $231.1 million. (Market value is typically about 50% of actual value.) The portfolio has $278.9 million in debt, with top three lenders as Capital One, Amalgamated Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 44 percent of the 741,499 square feet of built space are elevator properties, with walkup properties next occupying 43 percent of the space. They are all located in Manhattan.

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