Services For The Underserved
463 7th Avenue, 17th Floor New York, NY 10018
People:
Services For The Underserved NYC portfolio
$302 million -development 61%, walkup 16%, mixed-use 9%; Bronx 70%, Manhattan 22%, Brooklyn 6%*
716th largest portfolio by dollar value
254,719 sqft – walkup 33%, development 31%, industrial 14%; Bronx 49%, Brooklyn 29%, Manhattan 20%
1329th largest by SF
10 properties – Bronx 40%, Brooklyn 40%, Manhattan 20%
1014th largest
209 residential units – Brooklyn 61%, Manhattan 38%
1121th largest by residential units
0 foreclosures, 0 bankruptcies, 1 other court case.
Company Activity past 24 months:
Buyer company: 4 for $61.7 million
Seller company: 2 for $31.9 million
Borrower company: 6 for $230.9 million
Top Ten Associated Companies:
Enterprise Community Partners (2), NYC Housing Development Corporation (1), Bellwether Enterprise (1), Corporation for Supportive Housing (1), Metropolitan Commercial Bank (1), RiseBoro Community Partnership (1), L+M Development Partners (1), Webster Bank (1), Bronx Pro Group (1)
Top Ten Associated People:
Spencer Orkus (1), Emily Kurtz (1), William Beckmann (1), Douglas Walerstein (1)
Recent activity as company:
• SMJ Development and Services for the UnderServed borrowed $30.2 million from Webster Bank for 351 West 45 Street on June 27, 2025.
• John P. McKenna and Shannon M. Walsh sold 1548 Inwood Avenue for $15 million to Joy Construction and Services for the Underserved on January 23, 2025.
• Joy Construction and Services for the Underserved borrowed $7.3 million from Metropolitan Commercial Bank for 1548 Inwood Avenue on January 23, 2025.
• Services for the Underserved and L+M Development Partners sold Schroeders avenue for $17.8 million to RiseBoro Community Partnership and L+M Development Partners on December 20, 2024.
• Bronx Pro Group and Services for the UnderServed borrowed $13.3 million from Corporation for Supportive Housing for 12 East 176 Street on October 18, 2024.
• Joseph Barone sold 12 East 176 Street for $10.2 million to Bronx Pro Group and Services for the UnderServed on October 18, 2024.
• Steven Neuman sold 2431 Frederick Douglass Boulevard for $16.5 million to James Equities and Services for the Underserved on September 12, 2024.
• James Equities and Services for the Underserved borrowed $21.3 million from Enterprise Community Partners for 2431 Frederick Douglass Boulevard on September 12, 2024.
• Bronx Pro Group and Services for the Underserved borrowed $139.6 million from NYC Housing Development Corporation for 1600 Macombs Road on June 27, 2024.
• Services for the Underserved sold 1600 Macombs Road for $14.1 million to Bronx Pro Group on June 27, 2024.
Latest Stories:
• Joy Const., SUS, pay $15M for 213-unit Mt Eden dev site (March 10, 2025)
• Joy Construction files plans for 213 units in Mt. Eden (January 09, 2025)
• Bronx Pro, nonprofit, pay $10.2M for 187-unit dev site in Mt. Hope (October 24, 2024)
Court Records:
Properties: