Baron Property signs $43.5M refi with MF1 Capital for 71-unit rental in Washington Heights

Baron Property Group through the entity 4560 Bwy Partners LLC as borrower signed a refi loan with lender MF1 Capital valued at $43.5 million for the 71-unit residential elevator building (D1) at 4560 Broadway in Washington Heights, Manhattan.
The deal closed on June 20, 2025 and was recorded on July 1, 2025. The prior lender was Kriss Capital which held debt that had an original loan amount of $40.5 million.The property has 50,815 square feet of built space and 2,317 square feet of additional air rights for a total buildable of 53,148 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $856 and the price per buildable square foot is $818 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 November 16, 2022, for $15 million. The signatory for Baron Property Group was Matthew M. Baron . The signatory for MF1 Capital was Jonathan Pfeil . MF1 Capital is a partnership between Berkshire Residential Investments and Limekiln Real Estate Investment Management.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Harry Hirsch, head officer. The business entity is 4560 Bwy Partners. The 50,815-square-foot property generated revenue of $4.8 million or $94 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 71 residential units in Washington Heights has 50,815 square feet of built space and 2,317 square feet of additional air rights for a total buildable of 53,148 square feet according to a PincusCo analysis of city data. The parcel has frontage of 84 feet and is 150 feet deep with a total lot size of 15,450 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $939,000. The most recent loan totaled $37 million and was provided by Kriss Capital on November 16, 2022.

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 one DOB violation in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 228,940 square feet. The largest, 121190433, is a new building project for a 171-unit, 156,345 square-foot R-2 building submitted by Largavista Companies and filed by Marcello Porcelli with plans filed February 23, 2016 and it has not been permitted yet. The second largest, 121209174, is a new building project for a 86-unit, 72,595 square-foot R-2 building submitted by Largavista Companies and filed by Adam Good with plans filed December 28, 2020 and permitted November 30, 2022.

The block

On this tax block, PincusCo has identified the owners of nine of the 16 commercial properties representing 366,318 square feet of the 657,754 square feet. The largest owner is City Of New York, followed by Scharfman Organization and then Aaron Jungreis.
On the tax block, there were two new building construction projects totaling 228,940 square feet. The largest is a 171-unit, 156,345 square-foot residential (R-2) building submitted by Largavista Companies and filed by Marcello Porcelli with plans filed February 23, 2016 and it has not been permitted yet. The second largest is a 86-unit, 72,595 square-foot residential (R-2) building submitted by Largavista Companies and filed by Adam Good with plans filed December 28, 2020 and permitted April 26, 2022.

The majority, or 36 percent of the 657,754 square feet of built space are specialty buildings, with walkup buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Baron Property Group owned at least four commercial properties with 71 residential units in New York City with 0.0 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) The portfolio has $37 million in debt, borrowed from Kriss Capital. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with industrial properties next occupying 0 percent of the space.

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