Paul Sohayegh borrows $9.4M from Morgan Stanley for multifamily in Inwood

Shapour “Paul” Sohayegh through the entity 211 LLC as borrower signed a loan agreement with lender Morgan Stanley Bank valued at $9.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 78 residential units at 514 West 211th Street in Inwood. The deal closed on July 8, 2020 and was recorded on August 10, 2020.
The property contains a total of 68,670 square feet of built space.
The average loan per unit is $120,513.
The financing includes a $1.7 million gap loan.

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 3 renovation/alteration projects (A2) applied for with a total estimated value of $194,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link