Edge Property signs $115M construction loan with S3 for 276-unit dev site in Washington Heights

Edge Property Group through the entity Edge Edgecombe Owner LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Edgecombe Funding LLC valued at $115 million for the 276-unit development site at 473 West 165th Street in Washington Heights, Manhattan.

On these lots, there is one active new building construction project, M01231645, for a 276-unit, 200,000 square-foot residential (R-2) building. The project was submitted by Edge Property Group and filed by Ari Sherizen with plans filed October 10, 2025 and it has not been permitted yet.
The deal closed on May 27, 2026 and was recorded on June 17, 2026. The prior lender was Webster Bank which held debt that had an original loan amount of $18.5 million.
The signatory for Edge Property Group was Ari Sherizen . The signatory for S3 Capital was Joshua Crane .

The property

S3 Capital on May 27, 2026 bought a loan with an original principal of $18.5 million from Webster Bank signed by Margaret M. Fahy , secured by 639 Edgecombe Avenue, 458 West 166th Street, 460 West 166th Street, 464 West 166th Street, 469 West 165th Street, 473 West 165th Street, 467 West 165th Street, and 465 West 165th Street, when owned by Edge Property Group .

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 $3,500 in ECB penalties and $3,550 in OATH penalties in the last year.

The neighborhood

In Washington Heights, The bulk, or 45 percent of the 66 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.6 times the average sales volume among other neighborhoods with $556.9 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Washington Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 639 Edgecombe Avenue, PincusCo has identified the owners of 27 of the 43 commercial properties representing 420,786 square feet of the 564,614 square feet. The largest owner is Nyc Department Of Education , followed by Scharfman Organization and then Edge Property Group.
On the tax block, there was one new building construction project filed totaling 200,000 square feet. It is a 276-unit, 200,000 square-foot residential (R-2) building submitted by Edge Property Group and filed by Ari Sherizen with plans filed October 10, 2025 and it has not been permitted yet.

The majority, or 65 percent of the 564,614 square feet of built space are walkup buildings, with specialty buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Edge Property Group owned at least 10 commercial properties with two residential units in New York City with 62,480 square feet and a PincusCo-determined asset value of $43 million. The portfolio has $52.8 million in debt, borrowed from Sterling National Bank and Webster Bank. Within the portfolio, the bulk, or 61 percent of the 62,480 square feet of built space are hotel properties, with specialty properties next occupying 34 percent of the space.

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