William Moses Co. signs $20M initial loan with Apple Bank in the Upper West Side

William Moses Co. through the entity 575 Associates, Inc. as borrower signed an initial loan with lender Apple Bank For Savings valued at $20 million for the 54-unit rental (D6) at 575 West End Avenue in the Upper West Side, Manhattan.
The deal closed on August 5, 2021 and was recorded on August 20, 2021.
The property has 104,942 square feet of built space and 0 square feet of additional air rights for a total buildable of 100,520 square feet according to PincusCo analysis of city data. The loan price per built square foot is $190 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 signatory for William Moses Co. was Andrew Moses.

The owners according to the Department of Housing Preservation and Development includes Andrew Moses, head officer and Susan Vrigadamo, officer. The business entities are Henry & Williams Co., Inc and 575 Associates Inc.

Within a 400-foot radius of 575 West End Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $520,540 and one initial temporary certificate of occupancy issuance for a project that initially costed $538,850. The most recent of these two items was the filing on July 29, 2021 for a 4,892-square-foot R-2 building with four residential units at 256 West 88th Street.
One of those four items was a sale which Arsen Magomedov, as partner bought the 6,140-square-foot, 10-unit rental (C1) on 310 West 89th Street for $5.6 million from Leslie family on January 7, 2020.
One of those four items was a loan which 610 West End Avenue cooperative borrowed $15 million from Principal Life Insurance Company secured by the 177,048-square-foot, 60-unit co-op (D4) on 608 West End Avenue on December 24, 2020.

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