Eugene Mendlowitz signs $62.2M refi loan with Citibank for 10 properties in Manhattan

Eugene Mendlowitz through the entity 1697 Amsterdam Owner LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $62.2 million for 10 properties with 206 residential units including the 66-unit residential walkup building (C7) at 593-597 10th Avenue in Hell’s Kitchen, Manhattan, 20-unit residential walkup building (C7) at 2500-2502 Adam C Powell Blvd in Harlem, Manhattan, and 20-unit residential walkup building (C7) at 2504-2506 Adam C Powell Blvd in Harlem, Manhattan.
The deal closed on August 7, 2025 and was recorded on August 14, 2025. The 10 properties have 159,749 square feet of built space and 61,317 square feet of additional air rights for a total buildable of 202,699 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $389 and the price per buildable square foot is $307 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 Eugene Mendlowitz was Eugene Mendlowits (The surname is spelled with both an s or a z in city records). The signatory for Citibank was Tracey Spiritus .

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 593-597 10th Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Scott Berman, head officer and Cruz Mitre, site manager. The business entities are 1043 Star Tenant Llc and 1043 Star Tenant Llc. Out of the 10 properties, nine with a total of 159,749 square feet of built space generated revenue of $7.4 million per year.

The property

The residential walkup building with 66 residential units in Hell’s Kitchen has 159,749 square feet of built space and 61,317 square feet of additional air rights for a total buildable of 202,699 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 125 feet deep with a total lot size of 10,050 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.2 million. The most recent loan totaled $16 million and was provided by Broadview Capital on July 2, 2024.

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 one DOB violation, $14,062 in ECB penalties, 81 housing violations, $18,747 in OATH penalties, and one housing litigation 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 the tax block of 593-597 10th Avenue, PincusCo has identified the owners of eight of the 17 commercial properties representing 667,915 square feet of the 946,851 square feet. The largest owner is Dermot Company, followed by Moinian Group and then Storagemart.
On the tax block, there was one new building construction project filed totaling 134,939 square feet. It is a 164-unit, 134,939 square-foot residential (R-2) building submitted by Moinian Group and filed by Aron Kirsch with plans filed July 9, 2015 and permitted July 20, 2016.

The majority, or 50 percent of the 946,851 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Eugene Mendlowitz owned at least seven commercial properties with 159 residential units in New York City with 124,210 square feet and a city-determined market value of $24.2 million. (Market value is typically about 50% of actual value.) The portfolio has $42.5 million in debt, borrowed from Broadview Capital and Brick Bush Capital. Within the portfolio, the bulk, or 100 percent of the 124,210 square feet of built space are walkup properties, with industrial properties next occupying 0 percent of the space. They are all located in Manhattan.

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