Iris Holdings signs $114.5M acquisition loan with Greystone for nine rentals in Queens

Iris Holdings Group through the entity State Preservation Housing Development Fund Corp. as borrower signed an acquisition loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $114.5 million for nine residential elevator properties with 753 residential units including the 151-unit residential elevator building (D1) at 64-20 Saunders Street in Rego Park, Queens, 129-unit residential elevator building (D1) at 63-60 98th Street in Rego Park, Queens, and 100-unit residential elevator building (D6) at 97-50 Queens Boulevard in Rego Park, Queens.
The deal closed on October 31, 2025 and was recorded on December 3, 2025. The nine properties have 721,456 square feet of built space and 24,200 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $158 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 Iris Holdings Group was Marc Blumenfrucht and Chayim Kirschenbaum .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes David Bernhardt, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and California Leasing Lp. Out of the nine properties, seven with a total of 721,456 square feet of built space generated revenue of $11.8 million per year.

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 $11,250 in ECB penalties, 312 housing violations, $11,925 in OATH penalties, and seven housing litigations in the last year.

The block

On the tax block of 64-20 Saunders Street, PincusCo has identified the owners of three of the four commercial properties representing 236,790 square feet of the 255,235 square feet. The largest owner is Iris Holdings Group, followed by S.W. Management and then Parkoff Organization.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Iris Holdings Group owned at least 29 commercial properties with 1,801 residential units in New York City with 1,707,438 square feet and a city-determined market value of $139.2 million. (Market value is typically about 50% of actual value.) The portfolio has $219.2 million in debt, with top three lenders as MF1 Capital, National Equity Fund, and KeyBank respectively. Within the portfolio, the bulk, or 73 percent of the 1,707,438 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 76 percent of the built space, is in Queens, with Brooklyn next at 24 percent of the space.

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