Cottonwood Group buys $89.8M note secured by Boris Kuzinez NoMad condo project

Cottonwood Group through the entity CW Ranger Capital Management, LLC bought a note with an original principal of $89.8 million from Madison Realty Capital secured by Five Points Development’s 41-unit residential elevator building (D6) at 262 Fifth Avenue in NoMad, Manhattan.
The deal closed on June 12, 2025 and was recorded on June 26, 2025. The prior lender was Madison Realty Capital which held debt that had an original loan amount of $89.8 million. The property has 188,514 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $zero 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 February 11, 2015, for $17.4 million. The signatory for Five Points Development was Boris Kuzinez . There was also a $20 million land loan, but that was paid down in 2024.

The property

The residential elevator building with 41 residential units in NoMad has 188,514 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 100 feet deep with a total lot size of 4,942 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.9 million. The most recent loan totaled $109.8 million and was provided by Madison Realty Capital on October 31, 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 $6,250 in ECB penalties and $6,250 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 122874906, for a 41-unit, 172,291 square-foot R-2 building. The project was submitted by Boris Kuzinez and filed by Yoram Barel with plans filed September 23, 2016 and permitted April 18, 2024. On the tax lot, the most recent condominium plan was filed by FIVE POINTS 262 PROJECT LLC to create 26 residential units in a building at 262 Fifth Avenue in NoMad, Manhattan, called 262 Fifth Condominiumthat has a $97.9 million sellout, according to an November 03, 2017 submission to the New York State Attorney General.

The block

On this tax block, PincusCo has identified the owners of nine of the 36 commercial properties representing 632,303 square feet of the 976,387 square feet. The largest owner is Solil Management, followed by Joginder Sharma and then Devli Real Estate.
On the tax block, there were two new building construction projects totaling 398,940 square feet. The largest is a 266-unit, 226,649 square-foot hotel/dormitory/shelter (R-1) building submitted by Flag Luxury Group and filed by Richard Murphy with plans filed January 20, 2016 and permitted April 23, 2018. The second largest is a 41-unit, 172,291 square-foot residential (R-2) building submitted by Boris Kuzinez and filed by Yoram Barel with plans filed September 23, 2016 and permitted April 18, 2024.

The majority, or 56 percent of the 976,387 square feet of built space are hotel buildings, with office buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Five Points Development owned at least three commercial properties with 41 residential units in New York City with 0.0 square feet and a city-determined market value of $4.3 million. (Market value is typically about 50% of actual value.) The portfolio has $129.8 million in debt, with top three lenders as Madison Realty Capital, Maxim Credit Group, and Cottonwood Group respectively. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with V1 properties next occupying 0 percent of the space.

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