Martin Shapiro signs $46M refi with Acore for 81-unit rental in East Village

Martin Shapiro through the entity Liberty Toye 1, Corp. as borrower signed a refi loan with lender Acore Capital through the entity Acore Capital Mortgage, LP valued at $46 million for the 81-unit residential elevator building (D6) at 62 Avenue B in East Village, Manhattan.
The deal closed on August 8, 2025 and was recorded on September 15, 2025. The prior lender was Morgan Stanley which held debt that had an original loan amount of $45.5 million. The property has 71,334 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $644 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 owner bought the property on September 21, 2018, for $82 million. The signatory for Martin Shapiro was Martin Shapiro. The signatory for Acore Capital was Marla Radford .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Joseph Taube, head officer and Joe Taube, site manager. The business entity is Liberty Toye 1 Corp. The 71,334-square-foot property generated revenue of $5.8 million or $82 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 81 residential units in Alphabet City has 71,334 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 143 feet deep with a total lot size of 14,076 square feet. The lot is irregular. 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 $26.3 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 received $740 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 28, 2013. 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 21 of the 33 commercial properties representing 286,656 square feet of the 426,799 square feet. The largest owner is Derby Copeland Capital, followed by Henry Moses Jr. and then Targo Capital Partners.
On the tax block, there were two new building construction projects totaling 10,290 square feet. The largest is a four-unit, 5,188 square-foot residential (R-2) building submitted by Mahnaz Fouladian and filed by Mahnaz Fouladian with plans filed June 27, 2023 and it has not been permitted yet. The second largest is a four-unit, 5,101 square-foot residential (R-2) building submitted by Mahnaz Fouladian and filed by Mahnaz Fouladian with plans filed July 14, 2025 and it has not been permitted yet.

The majority, or 62 percent of the 426,799 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

Direct link to Acris document. link