Movcap signs $7.5M refi loan with Genesis Capital for 13-unit walkup in Upper West Side

Movcap through the entity W 85th Street Holdco LLC as borrower signed a refi loan with lender Genesis Capital through the entity Genesis Capital LLC valued at $7.5 million for the 13-unit residential walkup building (C1) at 211 West 85th Street in Upper West Side, Manhattan.
The deal closed on January 27, 2026 and was recorded on January 29, 2026. The prior lender was Derby Copeland Capital which held debt that had an original loan amount of $4.5 million.The property has 13,015 square feet of built space and 1,287 square feet of additional air rights for a total buildable of 14,304 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $578 and the price per buildable square foot is $526 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 owner bought the property on January 29, 2024, for $5.2 million. The signatory for Movcap was Lawrence Movtady . The signatory for Genesis Capital was Candice Shih .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Lawrence Movtady, head officer and David Zahabian, agent. The business entities are Akme Pm Llc and W 85th Street Holdco Llc.

The property

The residential walkup building with 13 residential units in Upper West Side has 13,015 square feet of built space and 1,287 square feet of additional air rights for a total buildable of 14,304 square feet according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 102 feet deep with a total lot size of 3,576 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million. The property has 4 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 13 housing violations and $860 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 this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 184,821 square feet of the 556,517 square feet. The largest owner is Argo Real Estate, followed by American Musical And Dramatic Academy and then Lynne Dintrone.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 556,517 square feet of built space are elevator buildings, with hotel buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Movcap owned at least seven commercial properties with 48 residential units in New York City with 67,834 square feet and a city-determined market value of $41.1 million. (Market value is typically about 50% of actual value.) The portfolio has $19.2 million in debt, borrowed from Berkadia Commercial Mortgage. Within the portfolio, the bulk, or 67 percent of the 67,834 square feet of built space are walkup properties, with retail properties next occupying 23 percent of the space. They are all located in Manhattan.

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