Updated Mar 2, 2026
Artifact And Ashok Khubani Secure $85.5 Million Refinance From Genesis Capital For Development Site
636 West 158th Street & 646 West 158th Street
$85,500,000
Units
13
Asset Type
Development Site
Closing
Feb 18, 2026
About this deal
AI
The transaction involves a development site located at 636 West 158th Street and 646 West 158th Street in the Washington Heights market of Manhattan, with a total building square footage of 112,104. The loan amount for this refinance is $85,500,000, secured against a 13-unit development where a 120-unit project is planned, backed by significant air rights.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $85,500,000
- Lender: Genesis Capital
- Landlord: Artifact & Ashok Khubani
- Asset Address: 636 West 158th Street & 646 West 158th Street
- Market: Washington Heights, Manhattan
- Building Square Footage: 112,104
Artifact and Ashok Khubani executed the refinancing through West 158 Street Opportunity LLC, facilitating a significant financial move with Genesis Capital. This financing is aimed to support the development of a larger project at the site, indicating strong investment intentions in the area.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93