David Walsh
Senior Vice President
Breaking Ground
505 8th Ave 5th Floor New York, NY 10018
Breaking Ground NYC portfolio
$1.3 billion -elevator 30%, hotel 29%, development 14%; Manhattan 43%, Brooklyn 40%, Queens 14%*
173th largest portfolio by dollar value
1,631,390 sqft – elevator 54%, hotel 29%, specialty 15%; Manhattan 48%, Brooklyn 35%, Bronx 15%
301th largest by SF
16 properties – Brooklyn 37%, Manhattan 25%, Bronx 18%
615th largest
1,719 residential units – Manhattan 41%, Brooklyn 39%, Bronx 19%
195th largest by residential units
Person Activity past 24 months:
Buyer signatory: 1 for $260 million
Borrower signatory: 4 for $634.6 million
Developer (new building or major alteration): 5 for 6,108 square feet
Top Ten Associated Companies:
NYS Housing Finance Agency (2), UMB Bank (2), Wells Fargo (1), NYC Department of Housing Preservation and Development (1), Low Income Investment Fund (1), Sioni Group (1), Patriarch Equities (1)
Top Ten Associated People:
Russell Hubley (2), Sarah Leitson (1), Leanna Bellmund (1), Andrew Griffith (1), Payman Yadidi (1)
Recent activity as signatory:
• Breaking Ground borrowed $71.5 million from UMB Bank for 50 Sparrow Way, East Flatbush, Brooklyn on December 30, 2025.
• Breaking Ground borrowed $66.4 million from UMB Bank for 581 Albany Avenue, East Flatbush, Brooklyn on December 30, 2025.
• Slate Property Group and Breaking Ground borrowed $295.5 million from Wells Fargo, NYS Housing Finance Agency, NYC Department of Housing Preservation and Development and Low Income Investment Fund for 377 7 Avenue on December 19, 2025.
• Sioni Group and Patriarch Equities sold 377 7 Avenue for $260 million to Slate Property Group and Breaking Ground on December 19, 2025.
• Breaking Ground borrowed $201.3 million from NYS Housing Finance Agency for 25 Sparrow Way and 55 Sparrow Way, None, Brooklyn on October 28, 2025.