$247M in notes sold on Manhattan Croman portfolio with about 680 units

The Delaware entity Orange Owner LLC, in care of the asset management firm Bellwether Asset Management bought approximately 38 loans from Flagstar Bank that have a combined original principal of approximately $247 million, which secure approximately 49 Croman Real Estate buildings with about 680 residential units, according to a calculation by PincusCo Media.

The package includes a note with an original principal of $23.3 million from Flagstar Bank secured by Croman Real Estate ‘s 19-unit residential walkup building (C7) at 120 Christopher Street in West Village, Manhattan and the 18-unit residential walkup building (C7) at 118 Christopher Street in West Village, Manhattan.
The portfolio loan sale closed on October 20, 2025 and was recorded on November 3, 2025.

All the loans were originated by New York Community Bank, most between 2015 and 2020. The portfolio includes 120 Christopher Street, 118 Christopher Street, 330 East 35th Street, 326 East 35th Street, 340 East 18th Street, 290 West 12th Street, 209 East 25th Street, 336 East 18th Street, and many others. All the buildings are in Manhattan south of 110th Street. The neighborhoods include West Village, Murray Hill, Gramercy, Kips Bay, East Village, Alphabet City and others.

To finance the deal, Orange Owner LLC borrowed an undisclosed amount from Centennial Bank to fund the loan purchase.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Steven Croman, head officer and Annabelle Santiago, officer. The business entities are Centennial Properties Ny and M&E Christopher Llc. The two properties with a total of 31,330 square feet of built space generated revenue of $2.7 million per year or $85 per square foot.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $130 million judgment concerning a sale filed on July 7, 2025, by Edward L. Croman against Steven Croman and Croman Real Estate. In addition, according to city public data, the properties have received one DOB violation, $1,250 in ECB penalties, three housing violations, one housing violation, and $2,780 in OATH penalties in the last year.

The block

On the tax block of 120 Christopher Street, PincusCo has identified the owners of 19 of the 39 commercial properties representing 244,973 square feet of the 344,326 square feet. The largest owner is Croman Real Estate, followed by Gilman Management and then Shahzad Mossanen.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 344,326 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Croman Real Estate owned at least 146 commercial properties with 2,500 residential units in New York City with 1,592,237 square feet and a city-determined market value of $623.9 million. (Market value is typically about 50% of actual value.) The portfolio has $200.4 million in debt, with top three lenders as New York Community Bank, Axos Bank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 79 percent of the 1,592,237 square feet of built space are walkup properties, with elevator properties next occupying 17 percent of the space. They are all located in Manhattan.

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