Shamco Management borrows $9M from New York Community Bank to refi rental property in Washington Heights

Edward Setton of Shamco Management through the entity 535-539 West 162nd LLC as borrower signed a loan agreement with lender New York Community Bank valued at $8.7 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 61 residential units at 535 West 162nd Street, 539 West 162nd Street in Washington Heights. The deal closed on March 11, 2020 and was recorded on April 16, 2020.

The average loan per unit is $142,623.
The last time the property sold was March 24, 2015, for $14,000,000.

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 $118,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link