Noorollah Asherian borrows $12M from Valley National Bank for newly built rental in Central Harlem

Noorollah Asherian through the entity 2121 ACP Holdings LLC as borrower signed a loan agreement with lender Valley National Bank valued at $12 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 22 residential units at 2121 Adam C Powell Blvd in Central Harlem. The deal closed on March 6, 2020 and was recorded on March 12, 2020.
The property contains a total of 20,101 square feet of built space.
The average loan per unit is $545,455.
The last time the property sold was June 25, 2013, for $2,200,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 22 residential (or hotel) units on December 12, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications 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 $182,125.There has been one new building permit application totaling 19,591 square feet. Those plans include a total of 22 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link