Lender takes back 24-unit rental in Harlem, former debt was $8.95M

The securitized trust known as Series 2022-C62 through the entity WCFM 2022-C62 3450 Broadway LLC acquired through a deed-in-lieu of foreclosure from Sternhell Holdings’ entity Broadway 3450 LLC, the 24-unit residential elevator building (D7) at 3450 Broadway in Harlem, Manhattan. The expected use is hold for sale. The transfer value on Acris was $9.4 million, but that likely represents the accumulated debt and is not a bona fide sale price. The former debt, provided in 2022, was $8.95 million.
The deal closed on August 13, 2025 and was recorded on September 4, 2025. The property has 32,010 square feet of built space and 10,069 square feet of additional air rights for a total buildable of 42,097 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $293 and the price per buildable square foot is $223 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 March 21, 2014, for $8.5 million. The signatory for Sternhell Holdings was Lazer Sternhell . The contract date was August 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Series 2022-C62 acquired one other property in one transaction for a total of $3.8 million and has no record it sold any properties over the past 24 months.
The seller Sternhell Holdings had not purchased any other properties and turned over one other property in one transaction for a total of $3.8 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Lazer Sternhell, head officer. The business entity is Broadway 3450 LLC.

The property

The residential elevator building with 24 residential units in Harlem has 32,010 square feet of built space and 10,069 square feet of additional air rights for a total buildable of 42,097 square feet according to a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 70 feet deep with a total lot size of 6,993 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.8 million. LMF Commercial on January 20, 2022 bought a loan with an original principal of from signed by Lazer Sternhell, secured by 3450 Broadway, when owned by Sternhell Holdings. The property has 17 rent regulated units according to city tax records from 2023.

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 25 housing violations and $4,530 in OATH penalties in the last year.

Development

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 eight of the 11 commercial properties representing 278,557 square feet of the 321,737 square feet. The largest owner is Metropolitan Realty Group, followed by Stellar Management and then Big City Realty.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 321,737 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Series 2022-C62 owned at least one commercial property with 13 residential units in New York City with 11,472 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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