Jemal family’s Jem Realty Management borrows $24M from Signature Bank to refi office property in Central Harlem

Jemal family’s Jem Realty Management through the entity Simpson West Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $24.1 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 2108 Adam C Powell Boulevard in Central Harlem. The deal closed on March 19, 2020 and was recorded on March 27, 2020.
The property contains a total of 85,005 square feet of built space. The property has 124,813 square feet of available development rights.
The average loan per buildable square foot is $193.
The debt was increased from $12 million. The last time the property sold was February 18, 2014, for $21,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 28, 2012.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $111,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $2,017,249.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link