Chaim Lipschitz signs $100M refi with 3650 Capital for 538-unit landmark in Harlem

Chaim Lipschitz through the entity 2802-2816 Fdb LLC as borrower signed a refi loan with lender 3650 Capital through the entity 3650 Capital Scf Loe I(A), LLC valued at $100 million for the 538-unit residential walkup building (C7) at 2802-2816 Fredrick Douglass Boulevard in Harlem, Manhattan.
The complex is known as the Dunbar Apartments and in 1970 was designated a city landmark. The designation report says, in part, “The Dunbar Apartments, named after the famous Black poet of the turn of the century, Paul Lawrence Dunbar (1872-1906), occupies the entire block bounded by 149th and 150th Streets and Seventh and Eighth Avenues. It was the first large cooperative built for Blacks and was Manhattan’s earliest large garden apartment complex. Financed by John D. Rockefeller, Jr., and designed by the architect Andrew J. Thomas, the building was completed in 1928 and was destined, from the planning and sociological points of view, to occupy a pivotal place in the history of the Harlem community.”
The deal closed on August 6, 2025 and was recorded on August 13, 2025. The prior lender was MF1 Capital which held debt that had an original loan amount of $83 million.The property has 436,115 square feet of built space and 81,173 square feet of additional air rights for a total buildable of 517,107 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $229 and the price per buildable square foot is $193 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 June 2, 2023, for $3.1 million. The signatory for Chaim Lipschitz was Chaim Lipschitz. The signatory for 3650 Capital was Kevin Kelley and Tobin Cobb .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Eli Solomon, head officer and Yossi Friedman, head officer. The business entity is 2802-2816 Fdb Llc. The 436,115-square-foot property generated revenue of $8.6 million or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 538 residential units in Harlem has 436,115 square feet of built space and 81,173 square feet of additional air rights for a total buildable of 517,107 square feet according to a PincusCo analysis of city data. The parcel has frontage of 775 feet and is 199 feet deep with a total lot size of 150,322 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 property is in the Individual Landmark. The property has a J-51 exemption that started in 2002 and expires in 2036. The city-designated market value for the property in 2022 is $32.9 million. The most recent loan totaled $83 million and was provided by Berkshire Residential Investments on June 2, 2023. The property has 72 rent regulated units according to city tax records from 2023.

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 $3,122 in ECB penalties, 761 housing violations, $32,132 in OATH penalties, and 11 housing litigations 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 owner of the one commercial property that spans that spans 436,115 square feet on the block.The identified owner is Isaac Herskovitz.
There are no active new building construction projects on this tax block.

All properties are walkup.

Direct link to Acris document. link