Timber Equities signs $27.5M refi loan with JLL for 60-unit rental in Inwood

Timber Equities through the entity 5055 Broadway L.P. as borrower signed a refi loan with lender JLL through the entity Lrecs Holdings Iia, L.L.C. valued at $27.5 million for the 60-unit residential elevator building (D6) at 5055 Broadway in Inwood, Manhattan.

On the lot, there is one active new building construction project, M00578593, for a 60-unit, 43,203 square-foot R-2 building. The project was submitted by Timber Equities and filed by Michel Perle with plans filed September 8, 2021 and permitted August 28, 2024.
The deal closed on May 4, 2026 and was recorded on May 7, 2026. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $21 million.The property has 44,651 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $615 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 October 29, 2020, for $3.4 million. The signatory for Timber Equities was Joseph Seidenfeld . The signatory for JLL was Craig Oram .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Moses Berkovics, head officer and Abe Friedman, agent. The business entity is 5055 Broadway Lp. The 44,651-square-foot property generated revenue of $2.2 million or $48 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 60 residential units in Inwood has 44,651 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $730,000. JLL on May 4, 2026 bought a loan with an original principal of $21 million from Bank Hapoalim signed by Ingo Cruz Pinto , secured by 5055 Broadway, when owned by Timber Equities .

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 $5,030 in ECB penalties and $5,230 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 17 of the 31 commercial properties representing 728,637 square feet of the 1,042,349 square feet. The largest owner is Victor Gorodischer, followed by Dominick Guarna and then Azimuth Development Group.
On the tax block, there were two new building construction projects totaling 112,429 square feet. The largest is a 83-unit, 69,226 square-foot residential (R-2) building submitted by Candor Capital and filed by Charles Wurzberger with plans filed August 6, 2025 and it has not been permitted yet. The second largest is a 60-unit, 43,203 square-foot residential (R-2) building submitted by Timber Equities and filed by Michel Perle with plans filed September 8, 2021 and permitted August 28, 2024.

The majority, or 59 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Timber Equities owned at least eight commercial properties with 324 residential units in New York City with 145,969 square feet and a PincusCo-determined asset value of $212 million. The portfolio has $153.8 million in debt, with top three lenders as Bank Hapoalim, Genesis LLC, and Webster Bank respectively. Within the portfolio, the bulk, or 39 percent of the 145,969 square feet of built space are D6 properties, with M1 properties next occupying 26 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Bronx next at 26 percent of the space.

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