Manouchehr Ashourzadeh signs $16.8M loan with Santander Bank for 64-unit rental in East Harlem

Manouchehr Ashourzadeh through the entity Golbar, LLC as borrower signed a loan with lender Santander Bank valued at $16.8 million for two condominium units including the 64-unit rental condo at 2205 3rd Avenue in East Harlem, Manhattan and retail condo at 2205 3rd Avenue in East Harlem, Manhattan.
The deal closed on October 13, 2022 and was recorded on October 28, 2022. The two properties have 45,694 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $367 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.)

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 2205 3rd Avenue.

The property

The 2205 3rd Avenue parcel has a total lot size of 35,564 square feet. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $6.1 million.
The 2205 3rd Avenue parcel has a total lot size of 10,130 square feet. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received an initial certificate of occupancy in the last ten years. 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 2205 3rd Avenue, PincusCo has identified the owners of seven of the 35 commercial properties representing 145,177 square feet of the 327,500 square feet. The largest owner is HAP Investments, followed by Euripides Reynoso and then Hope Community.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 169,169 square feet of built space are industrial buildings, with walkup buildings next occupying 44 percent of the space.

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