East Harlem Pilot Block HDFC signs $224.5M loan for four residential elevator properties in East Harlem
East Harlem Pilot Block HDFC as borrower signed a refi loan with lender First American Capital Group valued at $224.5 million for four residential elevator properties with 656 residential units including the 208-unit residential elevator building (D9) at 2383 2nd Avenue in East Harlem, Manhattan, 208-unit residential elevator building (D9) at 2243 3rd Avenue in East Harlem, Manhattan, and 92-unit residential elevator building (D9) at 2391 2nd Avenue in East Harlem, Manhattan.
The deal closed on September 29, 2025 and was recorded on October 17, 2025. The prior lender was U.S. Department of Housing and Urban Development which held debt that had an original loan amount of $139.6 million.The four properties have 1,098,405 square feet of built space and 7,099 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $204 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 East Harlem Pilot Block HDFC was Cesar Ortiz. The signatory for First American Capital Group was John P. Berry . A HUD loan for 139,551,059 exists and is subordinate.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2243 3rd Avenue.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Cesar Ortiz, head officer and Jeffrey Goldstein, agent. The business entities are Arco Management Corp and East Harlem Pilot Block. The four properties with a total of 1,098,405 square feet of built space generated revenue of $21.1 million per year or $19 per square foot.
The property
The residential elevator building with 208 residential units in East Harlem has 1,098,405 square feet of built space and 7,099 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 133 feet and is 203 feet deep with a total lot size of 26,945 square feet. The zoning is C1-9 which allows for up to 2 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 $23.3 million. The property has 208 rent regulated units according to city tax records from 2023.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, $3,750 in ECB penalties, 99 housing violations, $9,535 in OATH penalties, and two housing litigations in the last year.
Development
For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 2243 3rd Avenue, PincusCo has identified the owners of four of the four commercial properties representing 1,098,405 square feet of the 1,098,405 square feet. The identified owner is East Harlem Pilot Block Hdfc.
There are no active new building construction projects on this tax block.
All properties are elevator.
The borrower
The PincusCo database currently indicates that East Harlem Pilot Block Hdfc owned at least four commercial properties with 656 residential units in New York City with 1,098,405 square feet and a city-determined market value of $90.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. They are all located in Manhattan.
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