Highpoint Property Group signs $11M refi for 7-unit walkup in East Village

Highpoint Property Group through the entity 174-176 1st Avenue Owner LLC as borrower signed a refi loan with lender Valley National Bank valued at $11 million for the seven-unit residential walkup building (C4) at 174-176 1st Avenue in the East Village, Manhattan.
The deal closed on December 8, 2025 and was recorded on December 9, 2025. The prior lender was Webster Bank which held debt that had an original loan amount of $10.5 million.The property has 11,057 square feet of built space and 2,305 square feet of additional air rights for a total buildable of 13,364 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $994 and the price per buildable square foot is $823 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 May 17, 2018, for $12.1 million. The signatory for Highpoint Property Group was Drew Popkin .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Drew Popkin, head officer. The business entity is 174-176 1st Avenue Owner Llc.

The property

The residential walkup building with 7 residential units in East Village has 11,057 square feet of built space and 2,305 square feet of additional air rights for a total buildable of 13,364 square feet according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 94 feet deep with a total lot size of 3,341 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 $4.9 million.

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 $3,955 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 13, 2020. 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 32 of the 41 commercial properties representing 284,302 square feet of the 331,528 square feet. The largest owner is Kushner Companies, followed by Christine Giurdanella-Renzi and then Highpoint Property Group.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 331,528 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Highpoint Property Group owned at least 20 commercial properties with 135 residential units in New York City with 156,242 square feet and a city-determined market value of $72.6 million. (Market value is typically about 50% of actual value.) The portfolio has $135.2 million in debt, with top three lenders as East West Bank, Prime Finance, and Bank Leumi respectively. Within the portfolio, the bulk, or 60 percent of the 156,242 square feet of built space are walkup properties, with mixed-use properties next occupying 21 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Brooklyn next at 42 percent of the space.

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