Rubin Equities signs $14.3M refi loan with CDK Capital XVII for industrial in Mt Eden

Rubin Equities through the entity 1342 Inwood LLC as borrower signed a refi loan with lender CDK Capital XVII valued at $14.3 million for the industrial building (F5) at 1342 Inwood Avenue in Mt Eden, Bronx. PincusCo could not determine the principals behind the lender.
The deal closed on April 23, 2026 and was recorded on May 6, 2026. The prior lender was Fairview Partners Investment Management which held debt that had an original loan amount of $12.8 million. The property has 56,250 square feet of built space and 81,470 square feet of additional air rights for a total buildable of 137,767 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $253 and the price per buildable square foot is $103 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 March 1, 2023, for $20.5 million. The signatory for Rubin Equities was Sam Rubin . The signatory for CDK Capital XVII was Hillel Lazarus .

The property

The industrial building in Mt Eden has 56,250 square feet of built space and 81,470 square feet of additional air rights for a total buildable of 137,767 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 112 feet deep with a total lot size of 22,885 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 million. CDK Capital XVII on April 23, 2026 bought a loan with an original principal of $12.8 million from Fairview Partners Investment Management signed by Carson Rasmussen , secured by 1342 Inwood Avenue, when owned by Rubin Equities .

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $12.8 million commercial foreclosure concerning a loan filed on February 5, 2025, by Fairview Partners Investment Management against Joseph Riegler and Riegler Group. In addition, according to city public data, the property has received nine housing violations and $1,200 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Mt Eden, The majority, or 51 percent of the 10.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has the 28th highest sale turnover among other neighborhoods in Bronx with $55.9 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 693,744 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the eight commercial properties representing 296,940 square feet of the 357,940 square feet. The largest owner is Atlantic Development Group, followed by Joseph Riegler and then Concern For Independent Living.
On the tax block, there were three new building construction projects totaling 257,963 square feet. The largest is a 113-unit, 139,972 square-foot residential (R-2) building submitted by Concern for Independent Living and filed by Ralph Fasano with plans filed August 11, 2023 and permitted August 19, 2025. The second largest is a 131-unit, 89,176 square-foot residential (R-2) building submitted by Riegler Group and filed by Joseph Riegler with plans filed May 4, 2022 and permitted April 19, 2024.

The majority, or 56 percent of the 357,940 square feet of built space are elevator buildings, with industrial buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Rubin Equities owned at least four commercial properties with 69 residential units in New York City with 207,069 square feet and a PincusCo-determined asset value of $258.4 million. The portfolio has $64 million in debt, borrowed from Popular Bank and Citibank. Within the portfolio, the bulk, or 89 percent of the 207,069 square feet of built space are office properties, with industrial properties next occupying 9 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 10 percent of the space.

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