Green Street Group signs $34M refi with Dwight Capital for 67-unit rental in Greenpoint

Green Street Group through the entity 170 Freeman LLC as borrower signed a refi loan with lender Dwight Capital through the entity Dwight Mortgage Trust LLC valued at $34 million for the 67-unit residential elevator building (D7) at 1036 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on July 25, 2025 and was recorded on August 6, 2025. The prior lender was Preferred Bank which held debt that had an original loan amount of $26 million.The property has 55,716 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $610 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 owner bought the property on August 2, 2023, for $14 million. The signatory for Green Street Group was Joshua Greenberg . The signatory for Dwight Capital was Adam Sasouness .

The property

The residential elevator building with 67 residential units in Greenpoint has 55,716 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million. The most recent loan totaled $26 million and was provided by Preferred Bank on May 16, 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 $3,125 in ECB penalties and $6,825 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 321598277, for a 67-unit, 44,637 square-foot R-2 building. The project was submitted by Jenna Goldman with plans filed September 24, 2020 and permitted June 26, 2024.

The block

On this tax block, PincusCo has identified the owners of 28 of the 31 commercial properties representing 159,338 square feet of the 171,555 square feet. The largest owner is Yidel Hirsch, followed by Watermark Capital Group and then Mohsen Zandieh.
On the tax block, there were two new building construction projects totaling 44,637 square feet. The largest is a 67-unit, 44,637 square-foot residential (R-2) building submitted by Jenna Goldman with plans filed September 24, 2020 and permitted June 26, 2024. The second largest is a 35-unit residential (R-2) building submitted by Brend Development Corporation and filed by Witold Brend with plans filed September 13, 2021 and permitted March 14, 2022.

The majority, or 81 percent of the 171,555 square feet of built space are walkup buildings, with elevator buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Green Street Group owned at least 10 commercial properties with 145 residential units in New York City with 30,129 square feet and a city-determined market value of $9.5 million. (Market value is typically about 50% of actual value.) The portfolio has $82.3 million in debt, with top three lenders as Preferred Bank, Bankwell Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 49 percent of the 30,129 square feet of built space are mixed-use properties, with walkup properties next occupying 16 percent of the space. They are all located in Brooklyn.

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