Breaking Ground
Lender
505 8th Ave 5th Floor New York, NY 10018
People:
Breaking Ground NYC portfolio
$1.6 billion -development 26%, elevator 25%, hotel 24%; Manhattan 36%, Brooklyn 33%, Queens 27%*
191th largest portfolio by dollar value
1,642,642 sqft – elevator 54%, hotel 28%, specialty 15%; Manhattan 48%, Brooklyn 34%, Bronx 15%
356th largest by SF
20 properties – Queens 35%, Brooklyn 30%, Manhattan 20%
589th largest
1,963 residential units – Manhattan 36%, Brooklyn 34%, Bronx 16%
212th largest by residential units
Company Activity past 24 months:
Buyer company: 4 for $297.4 million
Borrower company: 8 for $931.6 million
Top Ten Associated Companies:
NYS Housing Finance Agency (5), NYC Department of Housing Preservation and Development (3), Low Income Investment Fund (3), UMB Bank (2), City of New York (2), M&T Bank (1), Wells Fargo (1), NYC Housing Development Corporation (1), Enterprise Community Partners (1), Community Preservation Corporation (1)
Top Ten Associated People:
Russell Hubley (4), Wendy LeBlanc (1), Sarah Leitson (1), Leanna Bellmund (1), Andrew Griffith (1), Molly Anderson (1), Emily Lehman (1)
Recent activity as company:
• Breaking Ground borrowed $17.4 million from M&T Bank for 212 West 24 Street on July 23, 2026.
• Tishman Speyer sold Rockaway beach boulevard for $14.5 million to Breaking Ground on June 23, 2026.
• Breaking Ground borrowed $15.9 million from Community Preservation Corporation and Low Income Investment Fund for None on May 19, 2026.
• Lupoli Holdings Partnership sold None for $12 million to Breaking Ground on May 19, 2026.
• Breaking Ground borrowed $71.5 million from UMB Bank for 50 Sparrow Way, East Flatbush, Brooklyn on December 30, 2025.
• Breaking Ground borrowed $66.4 million from UMB Bank for 581 Albany Avenue, East Flatbush, Brooklyn on December 30, 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.
• Sioni Group and Patriarch Equities sold 377 7 Avenue for $260 million to Slate Property Group and Breaking Ground 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 sold Beach 53 street for $10.9 million to Breaking Ground on March 27, 2025.
Latest Stories:
• Breaking Ground pays $12M for LIC dev site, owned for 76 years (June 09, 2026)
• 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)
Properties: