Fairstead signs $25.5M refi with Berkadia for 12 properties in Longwood

Fairstead through the entity Prc Simpson Street LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage through the entity Berkadia Commercial Mortgage LLC valued at $25.5 million for 12 properties with 317 residential units including the 48-unit residential elevator building (D1) at 940 Tiffany Street in Longwood, Bronx, 43-unit residential elevator building (D7) at 923 Simpson Street in Longwood, Bronx, and 30-unit residential elevator building (D3) at 891 Fox Street in Longwood, Bronx.
The deal closed on May 30, 2025 and was recorded on August 11, 2025. The prior lender was NYC Housing Development Corporation which held debt that had an original loan amount of $22.5 million.The 12 properties have 338,380 square feet of built space and 27,023 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $75 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 Fairstead was Jeffrey Goldberg . The signatory for Berkadia Commercial Mortgage was Amy Jesberger .

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 940 Tiffany Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jennifer Lau, head officer and German Garcia, site manager. The business entity is Prc Simpson Street Llc. Out of the 12 properties, three with a total of 338,380 square feet of built space generated revenue of $1.8 million per year.

The property

The residential elevator building with 48 residential units in Longwood has 338,380 square feet of built space and 27,023 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 108 feet deep with a total lot size of 10,800 square feet. The zoning is R7-1 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 $2.7 million.

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, $6,562 in ECB penalties, 230 housing violations, $35,512 in OATH penalties, and three housing litigations 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 940 Tiffany Street, PincusCo has identified the owners of five of the five commercial properties representing 185,901 square feet of the 185,901 square feet. The largest owner is Invesco, followed by Lemle & Wolff and then Fairstead.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Fairstead owned at least 255 commercial properties with 7,144 residential units in New York City with 6,466,069 square feet and a city-determined market value of $768.3 million. (Market value is typically about 50% of actual value.) The portfolio has $616.4 million in debt, with top three lenders as NewPoint Real Estate Capital, Merchants Capital, and Greystone & Co. respectively. Within the portfolio, the bulk, or 70 percent of the 6,466,069 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 37 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

Direct link to Acris document. link