Bogopa, Shorewood sign $28.5M refi with PCCP for 304-unit dev site in Mott Haven

Bogopa Enterprises and Shorewood Real Estate Group through the entity 350 Gc Property Owner LLC as borrower signed a refi loan with lender PCCP through the entity Pccp Lm Manager, LLC valued at $28.5 million for the development parcel (V1) at 350 Grand Concourse in Mott Haven, Bronx.

On the lot, there is one active new building construction project, X01219259, for a 304-unit, 236,675 square-foot residential (R-2) building. The project was submitted by Shorewood Real Estate Group and filed by Samuel Davis with plans filed September 19, 2025 and it has not been permitted yet.
The deal closed on March 3, 2026 and was recorded on March 6, 2026. The prior lender was Cerco Funding which held debt that had an original loan amount of $20 million.The property has zero square feet of built space and 187,222 square feet of additional air rights for a total buildable of 187,222 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $152 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 December 12, 2024, for $28.5 million. The signatory for Bogopa Enterprises and Shorewood Real Estate Group was Edward Suh . The signatory for PCCP was Brian Heafey .

The property

The parcel has frontage of 311 feet and is 100 feet deep with a total lot size of 31,100 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million. PCCP on March 3, 2026 bought a loan with an original principal of $20 million from Cerco Funding signed by Franz F. Cervinka , secured by 350 Grand Concourse, when owned by Bogopa Enterprises and Shorewood Real Estate Group.

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 not received any significant violations in the last year.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $356.5 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.5 times the average amount of major developments relative to other neighborhoods and is the highest in Bronx. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 515,004 square feet of the 556,410 square feet. The largest owner is Jacob Schwimmer, followed by Simon Kaufman and then Reda Group.
On the tax block, there were three new building construction projects totaling 317,947 square feet. The largest is a 304-unit, 236,675 square-foot residential (R-2) building submitted by Sorewood Real Estate Group and filed by Samuel Davis with plans filed September 19, 2025 and it has not been permitted yet. The second largest is a 56-unit, 40,636 square-foot residential (R-2) building submitted by Nalcorp and filed by Anshel Fridman with plans filed July 15, 2025 and it has not been permitted yet.

The majority, or 83 percent of the 556,410 square feet of built space are elevator buildings, with walkup buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Shorewood Real Estate Group owned at least four commercial properties with 448 residential units in New York City with 357,395 square feet and a city-determined market value of $32.6 million. (Market value is typically about 50% of actual value.) The portfolio has $110.1 million in debt, borrowed from East West Bank and Bayview Commercial Mortgage Finance, LLC. Within the portfolio, the bulk, or 91 percent of the 357,395 square feet of built space are elevator properties, with retail properties next occupying 5 percent of the space. The bulk, or 97 percent of the built space, is in Queens, with Bronx next at 3 percent of the space.
The PincusCo database currently indicates that Bogopa Enterprises owned at least one commercial property with 125 residential units in New York City with 19,000 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $90 million in debt, borrowed from KeyBank. The portfolio consists of at least a single retail property. It is located in Queens.

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