L+M, Settlement sign $12.1M ground lease, borrow $106.6M, in East Village

L+M Development Partners and Settlement Housing Fund through the entity Campos Plaza II Housing Development Fund Corp., as tenants, signed a 99-year ground lease valued at $12.1 million with landlord, New York City Housing Authority for East Village affordable properties as part of the Permanent Affordability Commitment Together (PACT) program, including the 616-unit residential elevator building (D6) at 616 East 14th Street , the 616-unit residential elevator building (D6) at 611 East 13th Street , and the 616-unit residential elevator building (D6) at 610 East 14th Street . The expected use is to rehabilitate the building.
The deal closed on February 5, 2026 and was recorded on February 13, 2026. The 11 properties have 423,836 square feet of built space according to a PincusCo analysis of city data. The transfer price per built square foot is $28 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 New York City Housing Authority was Jonathan Gouveia . The signatory for L+M Development Partners and Settlement Housing Fund was Spencer Orkus and Jacqueline Tom .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer L+M Development Partners purchased 17 properties in five transactions for a total of $135.4 million and sold eight properties in five transactions for a total of $104.4 million over the past 24 months.
The seller New York City Housing Authority had not purchased any other properties and sold 97 properties in 12 transactions for a total of $804.4 million over the same time period. The 11 properties with a total of 423,836 square feet of built space generated revenue of $20.9 million per year or $49 per square foot. The sale price per square foot was $29.

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 not received any significant violations 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 the tax block of 616 East 14th Street, PincusCo has identified the owners of five of the 11 commercial properties representing 514,995 square feet of the 552,149 square feet. The largest owner is New York City Housing Authority, followed by Tal Adini and then Madison Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 552,149 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that New York City Housing Authority owned at least 521 commercial properties with 160,869 residential units in New York City with 134,202,523 square feet and a city-determined market value of $11.3 billion. (Market value is typically about 50% of actual value.) The portfolio has $79.3 million in debt, borrowed from Breaking Ground. Within the portfolio, the bulk, or 97 percent of the 134,202,523 square feet of built space are elevator properties, with walkup properties next occupying 3 percent of the space. The bulk, or 33 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that L+M Development Partners owned at least 239 commercial properties with 21,309 residential units in New York City with 19,561,614 square feet and a city-determined market value of $1.9 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.7 billion in debt, with top three lenders as NYC Housing Development Corporation, Wells Fargo, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 81 percent of the 19,561,614 square feet of built space are elevator properties, with walkup properties next occupying 15 percent of the space. The bulk, or 41 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.
The PincusCo database currently indicates that Settlement Housing Fund owned at least 44 commercial properties with 2,546 residential units in New York City with 2,546,185 square feet and a city-determined market value of $140.7 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 57 percent of the 2,546,185 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 46 percent of the built space, is in Bronx, with Queens next at 28 percent of the space.

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