Candor Capital signs $38M construction loan with S3 Capital for 83-unit project in Inwood

Candor Capital through the entity Beacon 1 Holdings LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re 5089 Broadway Funding LLC valued at $38 million for the 83-unit development with the address 500 West 218th Street, on a site composed of two properties including the retail building (K1) at 5099 Broadway and the industrial building (GU) at 5089 Broadway in Inwood, Manhattan.

On these lots, there is one active new building construction project, M01257465, for a 83-unit, 69,226 square-foot residential (R-2) building. The project was submitted by Candor Capital and filed by Charles Wurzberger with plans filed August 6, 2025 and it has not been permitted yet.
The deal closed on March 25, 2026 and was recorded on May 1, 2026. The prior lender was S3 Capital which held debt that had an original loan amount of $5.4 million.The two properties have 2,883 square feet of built space and 49,090 square feet of additional air rights for a total buildable of 51,975 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $13,180 and the price per buildable square foot is $731 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 Candor Capital was Chaim Wurzberger . The signatory for S3 Capital was Joshua Crane .

The property

The lot is irregular. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,230 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 $174 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 318,537 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 5099 Broadway, PincusCo has identified the owners of 17 of the 31 commercial properties representing 728,637 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 borrower

The PincusCo database currently indicates that Candor Capital owned at least 17 commercial properties with 243 residential units in New York City with 89,321 square feet and a PincusCo-determined asset value of $232.5 million. The portfolio has $203.3 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 89,321 square feet of built space are elevator properties, with condo properties next occupying 26 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Brooklyn next at 47 percent of the space.

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