Jonathan Rose Companies pays $50.6M to Related for 126-unit rental in Inwood

Jonathan Rose Companies and Settlement Housing Fund through the entity RAHF VI Caroline Preservation, LLC. paid $50.6 million to Related Companies through the entity Caroline Apartments Preservation, L.P. for the 126-unit residential elevator building (D7) at 210 Sherman Avenue in Inwood, Manhattan. The expected use is cash flowing.
The deal closed on March 19, 2026 and was recorded on March 25, 2026. The property has 122,840 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $412 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 seller bought the property on July 15, 2009, for $163.4 million. The signatory for Related Companies was Matthew Finkle . The signatory for Jonathan Rose Companies and Settlement Housing Fund was Brandon Kearse and Jacqueline Tom . The contract date was April 22, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Jonathan Rose Companies had purchased any other properties and sold 11 properties in two transactions for a total of $80 million over the past 24 months.
The seller Related Companies purchased five properties in five transactions for a total of $1.3 billion and sold 78 properties in 71 transactions for a total of $2.1 billion over the same time period. The former owners according to the Department of Housing Preservation and Development includes Matthew Finkle, head officer and Sabrina Dolla, officer. The business entities are Related Management Company and Caroline Apartment Preservation. The 122,840-square-foot property generated revenue of $4 million or $33 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on March 20, 2026 that Jonathan Rose Companies paid $53 million to Related Companies for 210 Sherman Avenue, Manhattan, NY.

The property

The residential elevator building with 126 residential units in Inwood has 122,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 150 feet deep with a total lot size of 22,500 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 $19 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 64 housing violations, $3,810 in OATH penalties, and three housing litigations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 21, 2017. 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 seven of the 14 commercial properties representing 281,011 square feet of the 471,750 square feet. The largest owner is Related Companies, followed by Elysee Investment Corp and then Bronstein Properties.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 471,750 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 121 commercial properties with 7,784 residential units in New York City with 19,899,606 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.8 billion in debt, with top three lenders as Wells Fargo, Wells Fargo, and Deutsche Bank respectively. Within the portfolio, the bulk, or 36 percent of the 19,899,606 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

The buyer

The PincusCo database currently indicates that Settlement Housing Fund owned at least 44 commercial properties with 3,090 residential units in New York City with 2,909,121 square feet and a city-determined market value of $244.4 million. (Market value is typically about 50% of actual value.) The portfolio has $569.3 million in debt, with top three lenders as NYC Housing Development Corporation, Community Preservation Corporation, and TD Bank respectively. Within the portfolio, the bulk, or 62 percent of the 2,909,121 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space. The bulk, or 38 percent of the built space, is in Bronx, with Queens next at 25 percent of the space.
The PincusCo database currently indicates that Jonathan Rose Companies owned at least five commercial properties with 670 residential units in New York City with 720,481 square feet and a city-determined market value of $112.6 million. (Market value is typically about 50% of actual value.) The portfolio has $239.7 million in debt, with top three lenders as Athene Holding, Hunt Real Estate Capital, and Merchants Capital respectively. Within the portfolio, the bulk, or 96 percent of the 720,481 square feet of built space are elevator properties, with retail properties next occupying 4 percent of the space. The bulk, or 29 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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