ZHL Group signs $24M rehab construction loan with Maxim for UWS conversion

ZHL Group through the entity 214 West 80 LLC as borrower signed a rehab construction loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $24 million for the conversion of the parking garage (G1) at 214 West 80th Street in the Upper West Side, Manhattan, to residential.

On the lot, there is one active major alteration construction project, M01215799, for the conversion to residential (R-2). The project was submitted by ZHL Group and filed by Yevgeniy Lvovskiy with plans filed May 6, 2025 and permitted January 26, 2026.

The deal closed on March 17, 2026 and was recorded on March 30, 2026. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $6.5 million.The property has 28,186 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $851 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 February 4, 2025, for $10.5 million. The signatory for ZHL Group was Yevgeniy Lvovskiy . The signatory for Maxim Capital Group was Eric Sadkin .

Prior sales, articles and revenue

The 28,186-square-foot property generated revenue of $621,560 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Upper West Side has 28,186 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 102 feet deep with a total lot size of 4,920 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.5 million. Maxim Capital Group on March 17, 2026 bought a loan with an original principal of $6.5M from Maxim Capital Group signed by prior lender signatory, secured by 214 West 80th Street, when owned by ZHL Group .

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 $15,000 in ECB penalties and $16,230 in OATH penalties in the last year.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.3 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 12th highest in Manhattan. For development, Upper West Side has near average amount of major developments among other neighborhoods and is the 22nd highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 26 commercial properties representing 402,033 square feet of the 566,434 square feet. The largest owner is Friedland Properties, followed by Empire Hotel Group and then Peak Capital Advisors.
On the tax block, there was one new building construction project filed totaling 122,323 square feet. It is a 72-unit, 122,323 square-foot residential (R-2) building submitted by William Friedland with plans filed August 5, 2014 and permitted April 13, 2016.

The majority, or 38 percent of the 566,434 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Zhl Group owned at least 15 commercial properties with 122 residential units in New York City with 97,018 square feet and a city-determined market value of $33.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 42 percent of the 97,018 square feet of built space are office properties, with industrial properties next occupying 35 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Bronx next at 37 percent of the space.

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