Rester Management, Carthage up debt to $113.9M with Dwight Capital for 168-unit rental in Harlem

Rester Management and Carthage Advisors through the entity Carthage 124th L.P. as borrower signed financed for just under $9 million in additional debt loan with lender Dwight Capital through the entity Dwight Capital LLC for a total loan of $113.9 million for the 168-unit residential elevator building (D3) at 2070 Adam C. Powell Boulevard in Harlem, Manhattan.
The deal closed on April 27, 2026 and was recorded on May 8, 2026. The prior lender was Dwight Capital which held debt that had an original loan amount of $105 million.The property has 165,607 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $687 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 owner bought the property on December 19, 2017, for $27.8 million. The signatory for Rester Management and Carthage Advisors was Sari Drazin .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Ari Drazin, head officer. The business entity is Carthage 124th L.P. The 165,607-square-foot property generated revenue of $7.3 million or $44 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 168 residential units in Harlem has 165,607 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 183 feet and is 100 feet deep with a total lot size of 18,483 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $34 million. The property has 53 rent regulated units according to city tax records from 2024.

Transaction Participants

Felicia M. Frasch at Peaseley & Derryberry Plc participated in the transaction on behalf of the lender.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties, eight housing violations, $1,250 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 24, 2012. 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 this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 308,395 square feet of the 427,381 square feet. The largest owner is Carthage Advisors, followed by Boulka Trust and then Hershy Silberstein.
On the tax block, there was one new building construction project filed totaling 424,236 square feet. It is a 183-unit, 424,236 square-foot residential (R-2) building submitted by Moses Strulowitz with plans filed July 2, 2018 and permitted August 14, 2020.

The majority, or 92 percent of the 427,381 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Carthage Advisors owned at least 11 commercial properties with 399 residential units in New York City with 418,019 square feet and a PincusCo-determined asset value of $426.2 million. The portfolio has $269.9 million in debt, with top three lenders as Dwight Capital, NYC Housing Development Corporation, and NYS Housing Finance Agency respectively. Within the portfolio, the bulk, or 85 percent of the 418,019 square feet of built space are elevator properties, with specialty properties next occupying 8 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.
The PincusCo database currently indicates that Rester Management owned at least 11 commercial properties with 399 residential units in New York City with 418,019 square feet and a PincusCo-determined asset value of $426.2 million. The portfolio has $75 million in debt, borrowed from Canadian Imperial Bank of Commerce. Within the portfolio, the bulk, or 85 percent of the 418,019 square feet of built space are elevator properties, with specialty properties next occupying 8 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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