Breaking Ground
Lender
505 8th Ave 5th Floor New York, NY 10018
People:
Breaking Ground NYC portfolio
$1.4 billion -elevator 33%, hotel 27%, development 13%; Manhattan 41%, Brooklyn 38%, Queens 13%*
157th largest portfolio by dollar value
1,775,286 sqft – elevator 58%, hotel 26%, specialty 13%; Manhattan 44%, Brooklyn 32%, Bronx 22%
270th largest by SF
16 properties – Brooklyn 37%, Manhattan 25%, Bronx 18%
614th largest
1,775 residential units – Manhattan 39%, Brooklyn 38%, Bronx 21%
190th largest by residential units
Company Activity past 24 months:
Buyer company: 3 for $443 million
Borrower company: 8 for $1.3 billion
Top Ten Associated Companies:
NYS Housing Finance Agency (5), NYC Department of Housing Preservation and Development (3), City of New York (2), Low Income Investment Fund (2), UMB Bank (2), NYC Housing Development Corporation (1), Enterprise Community Partners (1), Wells Fargo (1)
Top Ten Associated People:
Russell Hubley (4), Emily Lehman (1), Molly Anderson (1), Sarah Leitson (1), Leanna Bellmund (1), Andrew Griffith (1)
Recent activity as company:
• Breaking Ground borrowed $66.4 million from UMB Bank for 581 Albany Avenue, East Flatbush, Brooklyn on December 30, 2025.
• Breaking Ground borrowed $71.5 million from UMB Bank for 50 Sparrow Way, East Flatbush, Brooklyn on December 30, 2025.
• Sioni Group and Patriarch Equities sold 377 7 Avenue for $260 million to Slate Property Group and Breaking Ground on December 19, 2025.
• Slate Property Group and Breaking Ground borrowed $295.5 million from Wells Fargo, NYS Housing Finance Agency, NYC Department of Housing Preservation and Development and Low Income Investment Fund for 377 7 Avenue on December 19, 2025.
• Breaking Ground borrowed $201.3 million from NYS Housing Finance Agency for 25 Sparrow Way and 55 Sparrow Way, None, Brooklyn on October 28, 2025.
• Tishman Speyer and Breaking Ground borrowed $142.8 million from NYS Housing Finance Agency for Beach 53 street on March 27, 2025.
• Tishman Speyer sold Beach 53 street for $10.9 million to Breaking Ground on March 27, 2025.
• Breaking Ground borrowed $120.8 million from NYS Housing Finance Agency for 1768 3 Avenue on December 19, 2024.
• CenterSquare Investment Management, Principal Real Estate Investors and 60 Guilders sold 1768 3 Avenue for $172.1 million to Breaking Ground on June 26, 2024.
• Breaking Ground borrowed $163.5 million from Enterprise Community Partners and City of New York for 1768 3 Avenue on June 26, 2024.
Latest Stories:
• Sioni Group revises Penn Plaza hotel-to-residential conversion with 625 units (December 09, 2024)
• Tishman Speyer files plans for 244-unit project in Edgemere (August 23, 2024)
• Waterfall Asset Management buys $145M note secured by dorm in Carnegie Hill (August 16, 2022)
Properties: