Halcyon Management ups debt to $333.9M with Wells Fargo at two rentals in Greenpoint

Halcyon Management through the entity West Development B LLC as borrower signed a refi loan with lender Wells Fargo valued at $333.9 million for two residential elevator properties with 770 residential units including the 554-unit residential elevator building (D7) at 60 Wharf Drive in Greenpoint, Brooklyn and 216-unit residential elevator building (D7) at 23 West Street in Greenpoint, Brooklyn.
The deal closed on March 30, 2026 and was recorded on April 17, 2026. The prior lender was Wells Fargo which held debt that had an original loan amount of $250 million.The two properties have 923,741 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $361 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 Halcyon Management was Lipa Friedman . The signatory for Wells Fargo was Christian Adrian .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Lipa Friedman, head officer. The business entity is West Development B, Llc. The two properties with a total of 923,741 square feet of built space generated revenue of $39.3 million per year or $43 per square foot.

The property

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 $154.4 million. The property 60 Wharf Drive has 554 rent regulated units according to city tax records from 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 three DOB violations, 15 housing violations, and $50 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there is one active new building construction project, 321647811, for a 92-unit, 90,357 square-foot R-2 building. The project was submitted by Halcyon Management Group and filed by Lipa Friedman with plans filed September 28, 2017 and permitted May 26, 2022.

The block

On the tax block of 60 Wharf Drive, PincusCo has identified the owners of four of the nine commercial properties representing 799,728 square feet of the 799,728 square feet. The two identified owners are Halcyon Management and Tf Cornerstone.
On the tax block, there were four new building construction projects totaling 504,550 square feet. The largest is a 181-unit, 179,785 square-foot residential (R-2) building submitted by Halcyon Management Group and filed by Lipa Friedman with plans filed February 22, 2022 and permitted May 20, 2022. The second largest is a 100-unit, 120,903 square-foot residential (R-2) building submitted by Halcyon Management Group and filed by Lipa Friedman with plans filed February 22, 2022 and permitted May 17, 2022.

The majority, or 100 percent of the 799,728 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Halcyon Management owned at least four commercial properties with 862 residential units in New York City with 625,754 square feet and a city-determined market value of $177.1 million. (Market value is typically about 50% of actual value.) The portfolio has $502.5 million in debt, borrowed from Wells Fargo and Santander Bank. Within the portfolio, the bulk, or 76 percent of the 625,754 square feet of built space are elevator properties, with condo properties next occupying 23 percent of the space.

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