Candor Capital pays $8M for 83-unit dev site in Inwood

Candor Capital , led by Charles Wurzberger , paid a total of $8 million two two sellers for two parcels that make up a development site, 500 West 218th Street, in Inwood, Manhattan.
To finance the purchases, Candor Capital borrowed $5.4 million from S3 Capital.

Candor Capital filed plans, M01257465, for an 83-unit, 69,226-square-foot residential (R-2) building submitted by Candor Capital and filed by Charles Wurzberger with plans filed August 6, 2025 and it has not been permitted yet.

In the larger purchase, Candor Capital through the entity Beacon 1 Holdings, LLC paid $4.6 million to Mohammad Momani through the entity Broadway Mf LLC for the industrial building (GU) at 5089 Broadway in Inwood, Manhattan.
The deal closed on September 8, 2025 and was recorded on September 12, 2025. The property has 450 square feet of built space and 29,601 square feet of additional air rights for a total buildable of 30,030 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $151 per the PincusCo analysis.

In the second, Candor Capital through the entity Beacon 1 Holdings LLC paid $3.4 million to Milton Rainford through the entity 5099 Broadway LLC for the retail building (K1) at 5099 Broadway in Inwood, Manhattan. The expected use is cash flowing.
The deal closed on September 8, 2025 and was recorded on September 12, 2025. The property has 2,433 square feet of built space and 19,489 square feet of additional air rights for a total buildable of 21,945 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,413 and the price per buildable square foot is $156 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 seller bought the property on June 29, 2021, for $1.8 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Candor Capital purchased one property in one transaction for a total of $4.5 million and sold one property in one transaction for a total of $7.2 million over the past 24 months.
The seller Mohammad Momani had not purchased any other properties and had not sold any properties over the same time period.

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 $300 in OATH penalties in the last year.

The neighborhood

In Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has had very little sales volume relative to other neighborhoods with $104 million in sales volume in the last two years. For development, Inwood has had very little major development activity relative to other neighborhoods.It had 459,538 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 31 commercial properties representing 728,187 square feet of the 1,042,349 square feet. The largest owner is Victor Gorodischer, followed by Dominick Guarna and then Azimuth Development Group.
On the tax block, there were two new building construction projects totaling 112,429 square feet. The largest is a 83-unit, 69,226 square-foot residential (R-2) building submitted by Candor Capital and filed by Charles Wurzberger with plans filed August 6, 2025 and it has not been permitted yet. The second largest is a 60-unit, 43,203 square-foot residential (R-2) building submitted by Timber Equities and filed by Michel Perle with plans filed September 8, 2021 and permitted August 28, 2024.

The majority, or 59 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that Candor Capital owned at least 13 commercial properties with 279 residential units in New York City with 49,908 square feet and a city-determined market value of $19.7 million. (Market value is typically about 50% of actual value.) The portfolio has $191.9 million in debt, with top three lenders as S3 Capital, Morgan Stanley, and Valley National Bank respectively. Within the portfolio, the bulk, or 34 percent of the 49,908 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 41 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link