Shamco Management borrows $7.5M from New York Community Bank for multifamily property in Hamilton Heights

Edward Setton’s Shamco Management through the entity 880 St Nicholas LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 36 residential units at 880 St Nicholas Avenue in Hamilton Heights. The deal closed on April 22, 2020 and was recorded on April 28, 2020.
The property contains a total of 43,160 square feet of built space.
The average loan per unit is $208,056.
The last time the property sold was June 28, 2016, for $11,100,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $374,125.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link