Slate, Evenhar sign $119M construction loan with Chase for medical, community facility in East Harlem

Slate Property Group and Evenhar Development through the entity Lexington Two Holdings LLC as borrower signed a new construction loan with lender JPMorgan Chase valued at $119 million for the 133,811-square-foot project at 1578 Lexington Avenue in East Harlem, Manhattan.

On the lot, there is one active new building construction project, M00755303, for a 133,811 square-foot office (B) building. The project was submitted by Oren Evenhar with plans filed November 2, 2022 and permitted September 9, 2025.

The building is being constructed for new medical office space for Mount Sinai Health System and community facility space for the nonprofit Children’s Aid, and the religious organization, Life Changers Church, which sold the parcel to Evenhar in 2023.

In addition to the Chase loan, GoldenTree Asset Management made a $40 million preferred equity investment, according to Urbanize.
The Chase loan closed on August 29, 2025 and was recorded on September 15, 2025. The prior lender was G4 Capital Partners which held debt that had an original loan amount of $25.5 million.
The owner bought the property on January 24, 2023, for $5.9 million. The signatory for Evenhar Development was Jay Levinton . The signatory for JPMorgan Chase was John Spears .

The property

The parcel has frontage of 48 feet and is 75 feet deep with a total lot size of 19,605 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $876,000.

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 $2,010 in OATH penalties in the last year.

The neighborhood

In East Harlem, The majority, or 51 percent of the 52.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.8 times the average sales volume among other neighborhoods with $502.8 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, East Harlem has 1.5 times the average amount of major developments relative to other neighborhoods and is the 20th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 21 of the 26 commercial properties representing 293,677 square feet of the 335,962 square feet. The largest owner is Dhs, followed by Mack Real Estate Group and then Ascendant Neighborhood Development.
On the tax block, there was one new building construction project filed totaling 15,000 square feet. It is a 15,000 square-foot business (B) building submitted by Oren Evenhar with plans filed November 2, 2022 and permitted January 23, 2025.

The majority, or 96 percent of the 335,962 square feet of built space are walkup buildings, with development buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Evenhar Development owned at least eight commercial properties with 17 residential units in New York City with 41,932 square feet and a city-determined market value of $14.9 million. (Market value is typically about 50% of actual value.) The portfolio has $36.5 million in debt, with top three lenders as G4 Capital Partners, Fort Amsterdam Capital, and Tilden Park Capital Management respectively. Within the portfolio, the bulk, or 39 percent of the 41,932 square feet of built space are mixed-use properties, with N2 properties next occupying 21 percent of the space. They are all located in Manhattan.

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