Nicholas Lembo
Monadnock Development
(Monadnock Construction)
Monadnock Development|Monadnock Development|Project Renewal NYC portfolio
$1.9 billion -elevator 23%, development 18%, industrial 15%; Brooklyn 56%, Manhattan 31%, Bronx 11%*
122th largest portfolio by dollar value
2,374,252 sqft – elevator 57%, walkup 16%, D7 9%; Manhattan 73%, Bronx 15%, Brooklyn 10%
200th largest by SF
85 properties – Manhattan 43%, Brooklyn 42%, Bronx 12%
83th largest
4,164 residential units – Manhattan 59%, Brooklyn 31%, Bronx 8%
68th largest by residential units
Person Activity past 24 months:
Seller signatory: 1 for $26.3 million
Borrower signatory: 2 for $285.4 million
Top Ten Associated Companies:
NYC Housing Development Corporation (4), New York City Housing Authority (2), Wells Fargo (2), Philip J. Scafuri (1), New Providence (Shelter) Deal ID No. 50008926 (1), U.S. Bank (1), CUNA Mutual Group (1), Wavecrest Management (1), Brookdale Hospital Medical Center (1), NYS Housing Finance Agency (1)
Top Ten Associated People:
Philip J. Scafuri (1), Lauren Connors (1), Joseph M. Camerata (1), LaRay Brown (1), Jonathan Gouveia (1)
Recent activity as signatory:
• Monadnock Development borrowed $175 million from U.S. Bank for 144 2 Street on November 14, 2025.
• Monadnock Development sold 115 West 141 Street for $26.3 million to Wavecrest Management on July 19, 2024.
• Monadnock Development borrowed $110.4 million from NYC Housing Development Corporation for 890 Erskine Street on April 26, 2024.
• Monadnock Development and Project Renewal borrowed $102.9 million from NYC Housing Development Corporation and New Providence (Shelter) Deal ID No. 50008926 for 225 East 45 Street on December 21, 2023.
• Brookdale Hospital Medical Center sold 113 East 49 Street for $26.7 million to Monadnock Development on December 13, 2023.
• Monadnock Development borrowed $218.7 million from NYS Housing Finance Agency for 113 East 49 Street on December 13, 2023.
• Monadnock Development borrowed $107.9 million from NYC Housing Development Corporation for 414 Vandalia Avenue on December 22, 2022.
• Monadnock Development borrowed $42.5 million from Wells Fargo for 230 Huntington Street on December 07, 2022.
• Philip J. Scafuri sold 144 2 Street for $5.7 million to Monadnock Development on March 09, 2022.
• Monadnock Development borrowed $5 million from CUNA Mutual Group for 155 3rd Street, Gowanus, Brooklyn on March 10, 2021.
Latest Stories:
• Monadnock signs $110.4M construction loan for 189-unit project in East New York (May 06, 2024)
• Monadnock, Project Renewal sign $102.9M construction loan in Grand Central (January 29, 2024)
• Monadnock pays $26.7M to Brookdale Hospital for dev site in East Flatbush (December 18, 2023)
• Nonprofit files plans for 21-story shelter in Grand Central (April 05, 2023)
• Monadnock Development signs $107.9M construction loan in East New York (January 09, 2023)
• Monadnock Development signs $42.5M loan for office development in Gowanus (December 20, 2022)
• Monadnock files to demolish buildings in Gowanus ahead of 301-unit project (November 16, 2022)
• Affordable developer Monadnock pays $5.7M for industrial in Gowanus (March 22, 2022)