Lender APSEC Resolution acquires mixed-use in Flatiron District through $9.3M foreclosure

APSEC Resolution through the entity Apsec Resolution, LLC acquired through a $9.3 million judicial foreclosure the mixed-use building (S1) at 34 West 21st Street in Flatiron District, Manhattan. The expected use is hold for sale. The former owner was Hesky Haim, who lost it in the foreclosure auction. This transaction represents the lender taking back the property through foreclosure.
The deal closed on November 20, 2025 and was recorded on December 1, 2025. The property has 7,975 square feet of built space and 6,842 square feet of additional air rights for a total buildable of 14,810 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,165 and the price per buildable square foot is $627 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 August 5, 2016, for $4.2 million. The signatory for Hesky Haim was referee Jeffrey R. Miller . The signatory for APSEC Resolution was Christina Incorvaia . The contract date was August 6, 2025.

On June 7, 2023, APSEC Resolution bought the debt with an initial principal of $6.8 million from Bank of Hope.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer APSEC Resolution had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hesky Haim had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Flatiron District has 7,975 square feet of built space and 6,842 square feet of additional air rights for a total buildable of 14,810 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 92 feet deep with a total lot size of 1,481 square feet. The lot is irregular. The zoning is C6-4A 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 property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $9.3 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 25, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.5 times the average sales volume among other neighborhoods with $733.1 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Flatiron District has 3.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 4.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 24 commercial properties representing 599,699 square feet of the 1,040,488 square feet. The largest owner is Rosen Equities, followed by Howard J. Siegel and then Jack Vogel Associates Of David Vogel.
On the tax block, there was one new building construction project filed totaling 57,824 square feet. It is a one-unit, 57,824 square-foot residential (R-3) building submitted by Steven Mashaal with plans filed December 31, 2013 and permitted October 5, 2016.

The majority, or 92 percent of the 1 million square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Hesky Haim owned at least two commercial properties with one residential unit in New York City with 16,612 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Bank of Hope and APSEC Holdings. Within the portfolio, the bulk, or 52 percent of the 16,612 square feet of built space are office properties, with mixed-use properties next occupying 48 percent of the space. They are all located in Manhattan.

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