Glenwood Management signs $38M refi with Wells Fargo for 272-unit rental in Yorkville

Glenwood Management through the entity 92nd Realty LLC as borrower signed a refi loan with lender Wells Fargo valued at $38 million for the 272-unit residential elevator building (D6) at 1775 York Avenue in Yorkville, Manhattan.
The deal closed on June 4, 2026 and was recorded on June 15, 2026. The prior lender was Fannie Mae which held debt that had an original loan amount of $57 million. The property has 347,118 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $109 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 Glenwood Management was Howard Swarzman . The signatory for Wells Fargo was Tom Merkle .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Carole Pittelman , head officer and New Hyde Park Realty L.P, shareholder. The business entities are Glenwood Management Corp. and 92nd Realty LLC. The 347,118-square-foot property generated revenue of $15.4 million or $44 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 272 residential units in Yorkville has 347,118 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 209 feet and is 149 feet deep with a total lot size of 24,781 square feet. The lot is irregular. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $67.8 million. The property has 55 rent regulated units according to city tax records from 2024.

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 $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 21, 2016. 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 four of the four commercial properties representing 1,051,774 square feet of the 1,051,774 square feet. The largest owner is New York City Housing Authority , followed by Glenwood Management and then City Of New York.
On the tax block, there were four new building construction projects totaling 334,409 square feet. The largest is a 339-unit, 330,368 square-foot residential (R-2) building submitted by Fetner Properties and filed by Hal Fetner with plans filed November 15, 2018 and it has not been permitted yet. The second largest is a 2,020 square-foot industrial (F-1) building submitted by Steven Saccacio with plans filed June 4, 2018 and it has not been permitted yet.

The majority, or 100 percent of the 1.1 million square feet of built space are elevator buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Glenwood Management owned at least 24 commercial properties with 6,954 residential units in New York City with 8,696,706 square feet and a PincusCo-determined asset value of $3.8 billion. The portfolio has $905.8 million in debt, with top three lenders as NYS Housing Finance Agency , PGIM Real Estate, and Wells Fargo respectively. Within the portfolio, all identified are elevator properties. The bulk, or 94 percent of the built space, is in Manhattan, with Bronx next at 5 percent of the space.

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