Nader Ohebshalom borrows $18M from New York Community Bank to refi multifamily property in Midtown West

Nader Ohebshalom through the entity Sherrington Holdings, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $18.4 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 90 residential units at 341 West 45th Street in Midtown West. The deal closed on March 6, 2020 and was recorded on March 30, 2020.
The property contains a total of 42,396 square feet of built space. The property has 60,472 square feet of available development rights.
The average loan per unit is $204,444.
The debt includes a $6.6 million gap loan. Ohebshalom is owner of Gatsby Management.

Over the past five years, there have been 3 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 $120,000. Those filings sought to increase the number of residential units by 4 to 183 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