Irgang Group signs $70M construction loan with Dwight Capital for 180-unit project in Harlem

Irgang Group through the entity West 125th Development Spe LLC as borrower signed a new construction loan with lender Dwight Capital through the entity Dwight Mortgage Trust LLC valued at $70 million for the 162-unit new construction project at 35 West 125th Street in Harlem, Manhattan.
On the lot, there is one active new building construction project, M00671589, for a 180-unit, 143,294-square-foot residential (R-2) building. The project was submitted by Mark Irgang with plans filed March 21, 2022 and permitted September 30, 2025.
The deal closed on October 16, 2025 and was recorded on November 6, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $6.9 million.The property has 25,902 square feet of built space and 94,001 square feet of additional air rights for a total buildable of 119,900 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,702 and the price per buildable square foot is $583 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 Irgang Group was Mark J. Irgang . The signatory for Dwight Capital was Jai Agarwal.

35 W 125th St ZD1 DOB Zoning Diagram

The property

The retail building in Harlem has 25,902 square feet of built space and 94,001 square feet of additional air rights for a total buildable of 119,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 99 feet deep with a total lot size of 11,990 square feet. The zoning is C4-7 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.9 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 $38,700 in ECB penalties and $44,240 in OATH penalties in the last year.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.4 times the average sales volume among other neighborhoods with $709.2 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Harlem has 2.6 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 31 commercial properties representing 248,869 square feet of the 643,603 square feet. The largest owner is Alex Adjmi, followed by Rockfeld Group and then Denali Management.
On the tax block, there was one new building construction project filed by Irgang Group

The majority, or 46 percent of the 643,603 square feet of built space are office buildings, with retail buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Irgang Group owned at least 10 commercial properties with 67 residential units in New York City with 152,669 square feet and a city-determined market value of $20.2 million. (Market value is typically about 50% of actual value.) The portfolio has $55.9 million in debt, with top three lenders as JPMorgan Chase, Webster Bank, and Berkadia Commercial Mortgage respectively. Within the portfolio, the bulk, or 34 percent of the 152,669 square feet of built space are elevator properties, with mixed-use properties next occupying 32 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Manhattan next at 17 percent of the space.

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