Silver Star Properties borrows $10M from JPMorgan Chase Bank for mixed-use property in Hamilton Heights

Arman Noghreh’s Silver Star Properties through the entity 3504 Associates LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $10.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 32 residential units at 3502 Broadway in Hamilton Heights. The deal closed on January 27, 2020 and was recorded on January 30, 2020.
The property contains a total of 46,890 square feet of built space. The property has 60,190 square feet of available development rights.
The average loan per unit is $312,500.

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 $142,120.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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