Douglas Walerstein
Services for the UnderServed
Owner
463 7th Avenue, 17th Floor New York, NY 10018
Services for the UnderServed NYC portfolio
$302 million -development 61%, walkup 16%, mixed-use 9%; Bronx 70%, Manhattan 22%, Brooklyn 6%*
711th largest portfolio by dollar value
254,719 sqft – walkup 33%, development 31%, industrial 14%; Bronx 49%, Brooklyn 29%, Manhattan 20%
1326th largest by SF
10 properties – Bronx 40%, Brooklyn 40%, Manhattan 20%
1007th largest
209 residential units – Brooklyn 61%, Manhattan 38%
1110th largest by residential units
0 foreclosures, 0 bankruptcies, 1 other court case.
Person Activity past 24 months:
Buyer signatory: 5 for $75.8 million
Seller signatory: 1 for $14.1 million
Borrower signatory: 5 for $209.6 million
Top Ten Associated Companies:
NYC Housing Development Corporation (1), John P. McKenna (1), Shannon M. Walsh (1), Corporation for Supportive Housing (1), Croman Real Estate (1), Steven Neuman (1), Metropolitan Commercial Bank (1), Enterprise Community Partners (1), Webster Bank (1), Bronx Pro Group (1)
Top Ten Associated People:
John P. McKenna (1), Shannon M. Walsh (1), Steven Croman (1), Steven Neuman (1), Douglas Walerstein (1), Joseph Barone (1)
Recent activity as signatory:
• 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.
• Croman Real Estate sold 351 West 45 Street for $20 million to SMJ Development and Services for the UnderServed on June 26, 2024.
• SMJ Development and Services for the UnderServed borrowed $19.2 million from Enterprise Community Partners for 351 West 45 Street on June 26, 2024.