Douglas Walerstein
Chief Financial Officer
Services for the UnderServed
Owner
463 7th Avenue, 17th Floor New York, NY 10018
Services for the UnderServed NYC portfolio
$261.9 million -development 70%, mixed-use 10%, retail 6%; Bronx 81%, Manhattan 10%, Brooklyn 7%*
878th largest portfolio by dollar value
214,983 sqft – development 37%, walkup 21%, industrial 16%; Bronx 59%, Brooklyn 35%, Manhattan 5%
1573th largest by SF
9 properties – Bronx 44%, Brooklyn 44%, Manhattan 11%
1230th largest
129 residential units – Brooklyn 100%
1601th largest by residential units
0 foreclosures, 0 bankruptcies, 1 other court case.
Person Activity past 24 months:
Buyer signatory: 3 for $41.7 million
Seller signatory: 2 for $10.6 million
Borrower signatory: 3 for $50.7 million
Top Ten Associated Companies:
NYC Housing Development Corporation (1), Corporation for Supportive Housing (1), John P. McKenna (1), Shannon M. Walsh (1), Steven Neuman (1), Mendel Fleischman (1), Croman Real Estate (1), Metropolitan Commercial Bank (1), Enterprise Community Partners (1), Apex Building Group (1)
Top Ten Associated People:
John P. McKenna (1), Shannon M. Walsh (1), Steven Neuman (1), Mendel Fleischman (1), Steven Croman (1), Arlo Chase (1), Lee A. Brathwaite (1), Douglas Walerstein (1), Joseph Barone (1)
Recent activity as signatory:
• L+M Development Partners sold N/A Schroeders Avenue and N/A Schroeders Avenue, None, Brooklyn for $3.9 million to Apex Building Group on June 30, 2026.
• Services for the UnderServed sold None for $6.7 million to Mendel Fleischman on May 28, 2026.
• SMJ Development and Services for the UnderServed borrowed $30.2 million from Webster Bank for 351 West 45 Street on June 27, 2025.
• John P. McKenna and Shannon M. Walsh sold 1548 Inwood Avenue for $15 million to Joy Construction and Services for the Underserved on January 23, 2025.
• Joy Construction and Services for the Underserved borrowed $7.3 million from Metropolitan Commercial Bank for 1548 Inwood Avenue on January 23, 2025.
• Bronx Pro Group and Services for the UnderServed borrowed $13.3 million from Corporation for Supportive Housing for 12 East 176 Street on October 18, 2024.
• Joseph Barone sold 12 East 176 Street for $10.2 million to Bronx Pro Group and Services for the UnderServed on October 18, 2024.
• Steven Neuman sold 2431 Frederick Douglass Boulevard for $16.5 million to James Equities and Services for the Underserved on September 12, 2024.
• Bronx Pro Group and Services for the Underserved borrowed $139.6 million from NYC Housing Development Corporation for 1600 Macombs Road on June 27, 2024.
• Services for the Underserved sold 1600 Macombs Road for $14.1 million to Bronx Pro Group on June 27, 2024.