ThirdWave Group signs $6.8M refi for two UWS walkups

Japan-based ThirdWave Group through the entity ThirdWave Corp. as borrower signed a refi loan with lender Sumitomo Mitsui Banking Corporation valued at $6.8 million for two residential walkup properties with 20 residential units including the 10-unit residential walkup building (C5) at 250 West 102nd Street and the 10-unit residential walkup building (C4) at 248 West 102nd Street in Upper West Side, Manhattan.
The deal closed on September 5, 2025 and was recorded on September 16, 2025. The two properties have 12,436 square feet of built space and 3,181 square feet of additional air rights for a total buildable of 15,608 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $544 and the price per buildable square foot is $433 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 signatory for ThirdWave Group was Kensuke Ozaki.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Kenji Asazuma, head officer. The business entity is Thirdwave Japan.

The property

The residential walkup buildings with 20 residential units in Upper West Side has 12,436 square feet of built space and 3,181 square feet of additional air rights for a total buildable of 15,608 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 101 feet deep with a total lot size of just under 4,000 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the properties in 2022 is $5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,930 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 block

On the tax block of 250 West 102nd Street, PincusCo has identified the owners of 19 of the 25 commercial properties representing 407,706 square feet of the 574,849 square feet. The largest owner is Bldg Management, followed by Thor Equities and then Milbrook Properties.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 574,849 square feet of built space are elevator buildings, with walkup buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Thirdwave Group owned at least three commercial properties with 23 residential units in New York City with 15,436 square feet and a city-determined market value of $6.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 81 percent of the 15,436 square feet of built space are walkup properties, with C0 properties next occupying 19 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

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