Sharifians sign $15M refi for 31-unit rental in Greenwich Village

Miriam Sharifian, Moshe Sharifian, and Mehrdad Sharifian through the entity Eight Mon LLC as borrower obtained a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank valued at $15 million for the 31-unit residential elevator building (D7) at 11 West 8th Street in Greenwich Village, Manhattan.
The deal closed on February 20, 2025 and was recorded on March 5, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $16.2 million.The property has 30,858 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $486 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 owner bought the property on April 1, 2023, for $3.3 million. The signatory for Miriam Sharifian, Moshe Sharifian, and Mehrdad Sharifian was Miriam Sharifian. The signatory for Morgan Stanley was Kristin Sansone.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Moshe Sharif, head officer and Ron Solomon, officer. The business entity is Eight Mon Llc. The 30,858-square-foot property generated revenue of $2.1 million or $69 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 31 residential units in Greenwich Village has 30,858 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 93 feet deep with a total lot size of 6,950 square feet. The zoning is C4-5 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $10.5 million. The property has 9 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 16 of the 43 commercial properties representing 375,057 square feet of the 636,478 square feet. The largest owner is Solil Management and then BD Hotels.
On the tax block, there was one new building construction project filed totaling 89,623 square feet. It is a 18-unit, 89,623 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed December 6, 2019 and permitted September 23, 2022.

The majority, or 45 percent of the 636,478 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Mehrdad Sharifian owned at least two commercial properties with 47 residential units in New York City with 25,626 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $16.7 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Direct link to Acris document. link