Hershy Silberstein signs $8M take out loan with IDB for new 12-unit building in Harlem

Hershy Silberstein through the entity 217 West 123 LLC as borrower signed a refi loan with lender Israel Discount Bank valued at $8 million for the newly built 12-unit apartment building at 217 West 123rd Street in Harlem, Manhattan.

On the lot, there was one new building construction project, 123112648, for a 12-unit, 9,971 square-foot residential (R-2) building. The project was submitted by John Khani with plans filed September 6, 2017 and permitted August 8, 2024.
The deal closed on June 13, 2025 and was recorded on June 24, 2025. The prior lender was Toorak Capital Partners which held debt that had an original loan amount of $6 million.

The property has an approximate size of 10,092 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is approximately $792 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 July 3, 2024, for $1.9 million. The signatory for Hershy Silberstein was Hershy M. Silberstein . The signatory for Israel Discount Bank was Daniel Miller and Ryan Shay .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Hershy Silberstein, head officer and Yoel Schwartz, agent. The business entity is 217 West 123 Llc.

The property

The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,523 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $473,000. The most recent loan totaled $6 million and was provided by Broadview Capital on July 3, 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 $30,030 in ECB penalties in the last year.

Development

On the lot, there is one active new building construction project, 123112648, for a 12-unit, 9,971 square-foot R-2 building. The project was submitted by John Khani with plans filed September 6, 2017 and permitted August 8, 2024.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.6 times the average sales volume among other neighborhoods with $700.8 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 3.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 4.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 308,395 square feet of the 427,381 square feet. The largest owner is Carthage Advisors, followed by Boulka Trust and then David Goldberger.
On the tax block, there were three new building construction projects totaling 849,164 square feet. The largest is a 183-unit, 424,236 square-foot residential (R-2) building submitted by Moses Strulowitz with plans filed July 2, 2018 and permitted August 14, 2020. The second largest is a 149-unit, 414,957 square-foot residential (R-2) building submitted by Carthage Real Estate Advisors and filed by Ed Poteat with plans filed July 2, 2018 and permitted August 14, 2020.

The majority, or 92 percent of the 427,381 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Hershy Silberstein owned at least 24 commercial properties with 419 residential units in New York City with 84,794 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $180 million in debt, with top three lenders as Starwood Capital Group, S3 Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 69 percent of the 84,794 square feet of built space are industrial properties, with mixed-use properties next occupying 8 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Brooklyn next at 21 percent of the space.

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