United Equity Investments buys $4.3M note secured by 40-unit walkup in Bedford Park

United Equity Investments through the entity UEI 235 E196 LLC bought a note with an original principal of $4.3 million from ConnectOne Bank secured by Marvin Schwartz’s 40-unit residential walkup building (C1) at 235 East 196th Street in Bedford Park, Bronx.
The deal closed on February 2, 2026 and was recorded on February 24, 2026. The prior lender was ConnectOne Bank which held debt that had an original loan amount of $4.3 million.The property has 38,500 square feet of built space according to a PincusCo analysis of city data.

Michael Wahba leads United Equity Investments.
The signatory for Marvin Schwartz was Marvin Schwartz.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Marvin Schwartz, head officer and Marc Katz, site manager. The business entity is Ms 235 East Llc. The 38,500-square-foot property generated revenue of $566,884 or $15 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 40 residential units in Bedford Park has 38,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 89 feet and is 100 feet deep with a total lot size of 9,100 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million. The property has 40 rent regulated units according to city tax records from 2024.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $4.3 million commercial foreclosure concerning a loan filed on September 3, 2025, by ConnectOne Bank against Marvin Schwartz. In addition, according to city public data, the property has received one DOB violation, $7,500 in ECB penalties, $7,800 in OATH penalties, and five housing litigations 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 this tax block, PincusCo has identified the owners of seven of the 19 commercial properties representing 195,685 square feet of the 396,881 square feet. The largest owner is Morgan Group, followed by Finkelstein Timberger East Real Estate and then Casablanca Management.
On the tax block, there was one new building construction project filed totaling 40,607 square feet. It is a 50-unit, 40,607 square-foot institutional (I-1) building submitted by Andrea Gormally with plans filed July 26, 2016 and permitted March 8, 2022.

The majority, or 85 percent of the 396,881 square feet of built space are walkup buildings, with elevator buildings next occupying 10 percent of the space.

Direct link to Acris document. link