Derby Copeland signs $48.8M refi with Acore for 76-unit rental in East Village

Derby Copeland Capital through the entity Derby Alphabet Clues 5872 LLC as borrower signed a refi loan with lender Acore Capital through the entity Acore Capital Mortgage LP valued at $48.8 million for the 76-unit residential elevator building (D6) at 58 Avenue A in the East Village, Manhattan.
The deal closed on May 14, 2025 and was recorded on June 4, 2025. The prior lender was Berkshire Residential Investments which held debt that had an original loan amount of $55.8 million.The property has 79,956 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $610 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 September 12, 2022, for $64 million. The signatory for Derby Copeland Capital was Jesse Hutcher . The signatory for Acore Capital was David Dancer .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jesse Hutcher, head officer and Jonathan Scibilia, officer. The business entity is Derby Alphabet Blues 5872, Llc. The 79,956-square-foot property generated revenue of $4.1 million or $51 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 76 residential units in Alphabet City has 79,956 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 192 feet and is 100 feet deep with a total lot size of 19,266 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $24.7 million. The most recent loan totaled $55.8 million and was provided by MF1 Capital on September 12, 2022. The property has 23 rent regulated units according to city tax records from 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 one DOB violation, $2,225 in ECB penalties, seven housing violations, and $4,680 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 21 of the 33 commercial properties representing 286,656 square feet of the 426,799 square feet. The largest owner is Derby Copeland Capital, followed by Henry Moses Jr. and then Targo Capital Partners.
On the tax block, there was one new building construction project filed totaling 5,188 square feet. It is a four-unit, 5,188 square-foot residential (R-2) building submitted by Mahnaz Fouladian and filed by Mahnaz Fouladian with plans filed June 27, 2023 and it has not been permitted yet.

The majority, or 62 percent of the 426,799 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Derby Copeland Capital owned at least 10 commercial properties with 258 residential units in New York City with 195,622 square feet and a city-determined market value of $57.6 million. (Market value is typically about 50% of actual value.) The portfolio has $144.1 million in debt, with top three lenders as Derby Copeland Capital, MF1 Capital, and Fortress Investment Group respectively. Within the portfolio, the bulk, or 55 percent of the 195,622 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. The bulk, or 95 percent of the built space, is in Manhattan, with Brooklyn next at 5 percent of the space.

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