Michael Aryeh signs $9.4M refi loan with Signature Bank for two rentals in Harlem

Michael Aryeh through the entity 2090-92 Murray Realty LLC as borrower signed a refi loan with lender Signature Bank valued at $9.4 million for two rentals including the 13-unit rental (C7) at 2090 Fredrick Douglass Boulevard in Harlem, Manhattan and 13-unit rental (C7) at 2092 Fredrick Douglass Bl in Harlem, Manhattan.
The deal closed on September 24, 2021 and was recorded on October 13, 2021.
The two properties have 21,255 square feet of built space and 9,085 square feet of additional air rights for a total buildable of 30,352 square feet according to PincusCo analysis of city data. The loan price per built square foot is $442 and the price per buildable square foot is $309 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 Michael Aryeh was Michael Aryeh.
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. One of the projects were to change the number of residential units from 0 to 12 and were permitted on April 17, 2001.
The owners according to the Department of Housing Preservation and Development includes Michael Aryeh, head officer and Isaac Aryeh, officer. The business entity is 2090-92 Murray Realty Llc.

Within a 400-foot radius of 2090 Fredrick Douglass Boulevard, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on July 13, 2020 for the $565,000 renovation of 5,380-square-foot R-3 building with two residential units at 325 West 112th Street.
Of those four items, three were loans above $5 million totaling $28.2 million. The most recent of the three was Vivid Realty. LLC which borrowed $9.0 million from Peapack-Gladstone Bank secured by the 10,335-square-foot, 13-unit rental (C4) on 273 West 113th Street and two other properties on October 12, 2021.

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