Matthew Schmelzer borrows $12M from JPMorgan Chase for multifamily property in Central Harlem

Matthew Schmelzer through the entity 267 Edgeco, LLC as borrower signed a loan agreement with lender JPMorgan Chase through the entity JPMorgan Chase Bank, N.A. valued at $12.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 84 residential units at 267 Edgecombe Avenue in Central Harlem. The deal closed on December 17, 2019 and was recorded on January 10, 2020.
The property contains a total of 45,072 square feet of built space. The property has 62,908 square feet of available development rights.
The average loan per unit is $144,702.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link