Salvatore DiCarlo signs $14.6M refi for office building in Washington Heights

Salvatore DiCarlo through the entity Eserac Realty Corp as borrower signed a refi loan with lender Flushing Bank valued at $14.6 million for the office building (O5) at 516-520 West 181st Street in Washington Heights, Manhattan.
The deal closed on July 30, 2021 and was recorded on September 7, 2021.
The property has 61,602 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $236 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 signatory for Salvatore DiCarlo was Salvatore DiCarlo.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $351,500.

Within a 400-foot radius of 516-520 West 181st, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on October 30, 2019 for a 213,822-square-foot B building with 221 residential units at 2420 Amsterdam Avenue.
Of those five items, two were sales above $5 million totaling $18 million. The most recent of the two was Heights Of Main Street, Inc. which bought the 20,800-square-foot, two-unit mixed-use building (K4) on 512 West 181st Street for $6.0 million from Michael Reinheimer on January 20, 2021.
Of those five items, two were loans above $5 million totaling $16.8 million. The most recent of the two was Camber Property Group which borrowed $9.4 million from Greystone Funding Company LLC secured by the 12,185-square-foot, 17-unit rental (C1) on 287 Audubon Avenue and one other property on January 26, 2021.

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