Conejeros signs $8.7M refi with Santander Bank for 30-unit walkup in East Village

Members of the Conejero family through the entity TNF Realty, LLC as borrower signed a refi loan with lender Santander Bank valued at $8.7 million for the 30-unit residential walkup building (C7) at 159 1st Avenue in East Village, Manhattan.
The deal closed on January 20, 2026 and was recorded on January 27, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $8.8 million.The property has 16,548 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $525 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 Frances Conejero and Terencia Conejero was Frances Conejero. The signatory for Santander Bank was Margaret M. Fahy .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Terencia Conejero, head officer and Francesca Conejero, shareholder. The business entities are Tfn Realty Llc and Tfn Realty Llc. The 16,548-square-foot property generated revenue of $1.2 million or $73 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 30 residential units in East Village has 16,548 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 72 feet deep with a total lot size of 3,312 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.3 million. The property has 13 rent regulated units according to city tax records from 2024.

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 three housing violations and $1,880 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 23 of the 34 commercial properties representing 268,047 square feet of the 357,523 square feet. The largest owner is Ryco Capital, followed by David Ogrin and then Jsb Capital Group.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 357,523 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Terencia Conejero owned at least one commercial property with 30 residential units in New York City with 16,548 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) The portfolio has $8.8 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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