IHL Equities signs $10.5M refi loan with Bank of Montreal for two walkups in Lenox Hill

IHL Equities through the entity 1479 York Realty LLC as borrower signed a refi loan with lender Bank of Montreal valued at $10.5 million for two residential walkup properties with 16 residential units including the eight-unit walkup (C7) at 1479 York Avenue and the eight-unit walkup (C7) at 1481 York Avenue in Lenox Hill, Manhattan.
The deal closed on January 13, 2026 and was recorded on February 3, 2026. The prior lender was Customers Bank|Valley National Bank which held debt that had an original loan amount of $8.6 million.The two properties have 15,000 square feet of built space and 22,500 square feet of additional air rights for a total buildable of 37,500 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $700 and the price per buildable square foot is $280 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 IHL Equities was Ira Herbert Lifshutz . The signatory for Bank of Montreal was Michael Birajiclian .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1479 York Avenue.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ira Lifshutz, head officer and Kevin Terrones, site manager. The business entities are New Aim Realty Llc and 1479 York Realty Llc.

The property

The residential walkup building with 8 residential units in Lenox Hill has 15,000 square feet of built space and 22,500 square feet of additional air rights for a total buildable of 37,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,875 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, $1,600 in ECB penalties, one housing violation, and $13,250 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 the tax block of 1479 York Avenue, PincusCo has identified the owners of 18 of the 22 commercial properties representing 259,528 square feet of the 282,174 square feet. The largest owner is Manocherian Brothers, followed by Margules Properties and then Ira Lifshutz.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 282,174 square feet of built space are walkup buildings, with elevator buildings next occupying 47 percent of the space.

The borrower

The PincusCo database currently indicates that Ihl Equities owned at least three commercial properties with 16 residential units in New York City with 20,347 square feet and a city-determined market value of $13.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 44 percent of the 20,347 square feet of built space are elevator properties, with C3 properties next occupying 30 percent of the space. They are all located in Manhattan.

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