MZS Realty signs $18.5M refi with Amalgamated for 44-unit mixed-use in Melrose

MZS Realty through the entity Melrose Manor LLC as borrower signed a refi loan with lender Amalgamated Bank valued at $18.5 million for the mixed-use building with 44 residential units and two commercial units at 414 East 152nd Street in Melrose, Bronx.
The deal closed on February 27, 2026 and was recorded on April 20, 2026. The prior lender was Ponce Bank which held debt that had an original loan amount of $13 million.

The building is divided into three commercial condominium units with a total of 39,211 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $472 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 MZS Realty was Shaya Seidenfeld . The signatory for Amalgamated Bank was Nicole Carroll .

Transaction Participants

Wayne S. Cook Jr. at Windels Marx Lane & Mittendorf, LLP participated in the transaction on behalf of the lender.

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 414 East 152nd Street, PincusCo has identified the owners of 13 of the 41 commercial properties representing 113,137 square feet of the 388,287 square feet. The largest owner is Bawabeh Brothers, followed by ACHS Management and then Elysee Investment Company.
On the tax block, there were four new building construction projects totaling 81,899 square feet. The largest is a 53,198 square-foot educational (E) building submitted by Kiumarz Geula and filed by Kiumarz Geula with plans filed December 14, 2022 and permitted April 9, 2024. The second largest is a 28-unit, 15,768 square-foot residential (R-2) building submitted by Erenik Nezaj and filed by Erenik Nezaj with plans filed December 30, 2025 and it has not been permitted yet.

The majority, or 40 percent of the 388,287 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that MZS Realty owned at least 10 commercial properties with 85 residential units in New York City with 34,535 square feet and a city-determined market value of $53.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 34,535 square feet of built space are walkup properties, with C0 properties next occupying 21 percent of the space.

Direct link to Acris document. link