Artimus signs $66M construction loan with Bank Hapoalim for 152-unit project in East Harlem

Artimus through the entity 126th Street Equities LLC as borrower signed a new construction loan with lender Bank Hapoalim through the entity Bank Hapoalim B.M. valued at $66 million for the industrial building at 1844 Park Avenue in East Harlem, Manhattan.
The deal closed on February 3, 2022 and was recorded on March 3, 2022.
The property has 0 square feet of built space and 106,460 square feet of additional air rights for a total buildable of 106,460 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $619 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 August 15, 2012, for $1.4 million.
The signatory for Artimus was Robert Ezrapour.
(121205524) Plans for a 152-unit, 122,872 square-foot R-2 were filed on June 21, 2019.
In East Harlem, the majority, or 51 percent of the 63.1 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 2.1 times the average sales volume among other neighborhoods with $571.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem is the 9th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 34 percent of the 335,215 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 28 percent of the space.
Within a 400-foot radius of 1844 Park Avenue, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, seven were loans above $5 million totaling $131.1 million. The most recent of the seven was Steven Barshov which borrowed $6.5 million from Titan Capital secured by the 15,000-square-foot, eight-unit rental (C1) on 60 East 127th Street and one other property on November 17, 2021.

Direct link to Acris document. link