Novel Property Ventures borrows $23M from Ladder Capital for refi of multifamily property in Central Harlem

Bennat Berger’s Novel Property Ventures through the entity 122 Street Portfolio LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $23 million for 11 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 133 residential units at 222 St Nicholas Avenue, 234 West 122nd Street, 262 West 115th Street, 236 West 122nd Street, 238 West 122nd Street, and others in Central Harlem. The deal closed on March 11, 2020 and was recorded on March 25, 2020.
The property has 150,562 square feet of available development rights.
The average loan per unit is $172,932.
The last time nine of these properties sold was August 27, 2015, for $29,615,385.

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 $88,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link