L+M signs $4.2M refi with M.Y. Safra Bank for retail in East Harlem

L+M Development Partners through the entity Madison Commercial Owners LLC as borrower signed a refi loan with lender M.Y. Safra Bank valued at $4.2 million for the retail condominium unit at 1787 Madison Avenue in East Harlem, Manhattan. The retail is at the base of a condop with 96 residential units developed by L+M.
The deal closed on April 7, 2025 and was recorded on April 29, 2025. The prior lender was Webster National Bank which held debt that had an original loan amount of $5 million. The property has 13,879 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $302 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 L+M Development Partners was L+M co-founder Sanford Loewentheil . The signatory for M.Y. Safra Bank was Bradley E. Rock Jr. .

The property

The retail condo in East Harlem has 13,879 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 13,879 square feet. The property has a 421A exemption that started in 2005 and expires in 2030. The city-designated market value for the property in 2022 is $3.1 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

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 East Harlem, The majority, or 51 percent of the 52.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 2.2 times the average sales volume among other neighborhoods with $600.7 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Harlem has 1.8 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 43,900 square feet of the 56,555 square feet. The two identified owners are Wg & Associates Management And Development and Mark Shakarov.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 56,555 square feet of built space are walkup buildings, with elevator buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that L+M Development Partners owned at least 238 commercial properties with 23,409 residential units in New York City with 21,598,329 square feet and a city-determined market value of $2.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.4 billion in debt, with top three lenders as NYC Housing Development Corporation, Wells Fargo, and NYS Housing Finance Agency respectively. Within the portfolio, the bulk, or 83 percent of the 21,598,329 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 43 percent of the built space, is in Brooklyn, with Manhattan next at 40 percent of the space.

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