David Brecher affiliate acquires 138-unit rental in Washington Heights via $24.1M deed-in-lieu

David Brecher through the entity NYCA Riverside United, LLC acquired through a deed-in-lieu of foreclosure from Vincent Garrow through the entity Comity LLC, the 138-unit residential elevator building (D3) at 1384 Riverside Drive in Washington Heights, Manhattan. The expected use is cash flowing. The transfer value was $24.1 million, which in a deed-in-lieu is typically the total defaulted debt.
An affiliate of Ellington Management Group bought the debt with an original principal of $23.7 million in October 2025.
The deal closed on February 19, 2026 and was recorded on February 26, 2026. The property has 142,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $168 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 signatory for Vincent Garrow was Vincent Garrow. The signatory for David Brecher was David Brecher. The contract date was February 18, 2026. Vincent Garrow bought the building in May 1976.

David Brecher is managing member of Breco Equities. LinkedIn: President & CEO at FM Home Loans and FM Capital, Founder of Sheridan Capital.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer David Brecher had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vincent Garrow had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Vincent Garrow, head officer and Qazim Hasani, site manager. The business entity is Comity Realty Corp. The 142,600-square-foot property generated revenue of $3.1 million or $22 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 138 residential units in Washington Heights has 142,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 100 feet deep with a total lot size of 10,250 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 city-designated market value for the property in 2022 is $9.4 million. The property has 138 rent regulated units according to city tax records from 2024.

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 14 housing violations and $50 in OATH penalties 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 owners of 23 of the 38 commercial properties representing 1,259,317 square feet of the 1,664,139 square feet. The largest owner is Empire Management, followed by Vincent Garrow and then Richard Eisenberg.
On the tax block, there were two new building construction projects totaling 18,434 square feet. The largest is a 21-unit, 18,154 square-foot residential (R-2) building submitted by Yisroel Eckstein with plans filed September 11, 2020 and permitted June 9, 2022. The second largest is a 280 square-foot storage (S-2) building submitted by Tom Javits with plans filed January 18, 2018 and permitted August 17, 2018.

The majority, or 77 percent of the 1.7 million square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Vincent Garrow owned at least five commercial properties with 202 residential units in New York City with 194,436 square feet and a city-determined market value of $15.3 million. (Market value is typically about 50% of actual value.) The portfolio has $23.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 73 percent of the 194,436 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that David Brecher owned at least two commercial properties in New York City with 94,332 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

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