Timber Equities signs $35.6M refi loan with JLL for new 94-unit rental in Harlem

Timber Equities through the entity 2460 Fdb Lp as borrower signed a refi loan with lender JLL through the entity Lrecs Holdings Iia, L.L.C. valued at $35.6 million for the 94-unit residential elevator building (D6) at 2460 Frederick Douglass Boulevard in Harlem, Manhattan.

On the lot, there was a new building construction project, M00686955, for a 94-unit, 89,166 square-foot residential (R-2) building. The project was submitted by Timber Equities and filed by Michel Perle with plans filed February 28, 2022 and permitted February 21, 2024.
The loas closed on May 4, 2026 and was recorded on May 7, 2026. The prior lender was Webster Bank which held debt that had an original loan amount of $26.5 million.The property has 58,196 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $611 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 November 18, 2022, for $2.4 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 2460 Fdb Lp.

The property

The residential elevator building with 94 residential units in Harlem has 58,196 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 84 feet deep with a total lot size of 7,765 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $177,000. JLL on May 4, 2026 bought a loan with an original principal of $26.5M from Webster Bank signed by Daniel De Diego , secured by 2460 Frederick Douglass Boulevard, 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 $20,000 in ECB penalties and $20,000 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 33 commercial properties representing 117,039 square feet of the 203,036 square feet. The largest owner is Shaul Kopelowitz, followed by Black Spruce Management and then Genesis Companies.
On the tax block, there was one new building construction project filed totaling 58,075 square feet. It is a 52-unit, 58,075 square-foot residential (R-2) building submitted by Timber Equities and filed by Michel Perle with plans filed February 28, 2022 and permitted February 21, 2024.

The majority, or 68 percent of the 203,036 square feet of built space are walkup buildings, with elevator buildings next occupying 29 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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