NYC Ground-Up Development | Site Sales | JVs | Mendy Capital Markets
LIVE NYC DEVELOPMENT INTEL   |   CITY OF YES: 100K+ NEW HOMES TARGETED   |   485-X REPLACING 421-A: 35-40 YR TAX EXEMPTIONS   |   467-M: OFFICE TO RESI CONVERSIONS NOW INCENTIVIZED   |   DOWNTOWN BROOKLYN: 4,421 NEW UNITS COMPLETED IN 2025 - A RECORD   |   QUEENS INVESTMENT SALES UP 16% TO $3.43B IN 2025   |   WILLIAMSBURG: TWIN SKYSCRAPER 1,262-UNIT PROJECT UNDERWAY AT 280 KENT AVE   |   10-YR TREASURY: 4.24%   |   SOFR: 5.31%   |   MENDY CAPITAL MARKETS: SITE SALES, JVs, CONSTRUCTION FINANCING CITYWIDE   |  
Mendy Capital Markets

NYC Development Sites,
Joint Ventures & Ground-Up Financing.

We connect site owners, developers, and capital partners across Brooklyn, Queens, Manhattan and beyond.

Submit a Deal Call Us
4,421
Units Completed in Dtk BK (2025)
$3.43B
Queens Investment Volume 2025
100K+
City of Yes Target Homes
40yr
Max 485-x Tax Exemption
What We Do

Four Ways We Create Value

Site Sales

Acquisition and disposition of NYC development sites and land assemblages across every core submarket.

Joint Ventures

We structure equity partnerships between land owners and developers ready to build ground-up projects.

Construction Finance

Institutional debt placement: senior, stretch-senior, and inventory loans for condo and rental builds.

Incentive Programs

City of Yes, 485-x, and 467-m expertise to maximize project economics and tax program eligibility.

NYC Market Activity

Development Happening Right Now

Notable projects and market data shaping NYC's ground-up landscape.

Williamsburg, Brooklyn
280 Kent Avenue - Twin Skyscraper Project
Foundation work is actively progressing on a two-tower, 1,262-unit development designed by REX for Two Trees Management. One of the largest ground-up projects in Brooklyn's pipeline right now.
In Construction
Downtown Brooklyn
Record Year: 4,421 Units Delivered in 2025
Downtown Brooklyn set an all-time unit completion record in 2025, a 51% jump over the prior record. 11 projects are currently under construction with 26 more in the pipeline, per the Downtown Brooklyn Partnership.
Market Data
Bushwick / Ridgewood
225,000 ZFA Mixed-Income Site at Myrtle/Wyckoff
A nearly full-block 70,573 SF assemblage at the Myrtle and Wyckoff corridor traded at $37M, one of Brooklyn's largest development site transactions of 2025. Slated for mixed-income housing and retail.
Site Sale
Brooklyn Waterfront
Brooklyn Marine Terminal Redevelopment
NYC EDC's task force is advancing plans to transform this major Brooklyn waterfront site into a mixed-use maritime and residential community. A marquee opportunity for institutional development capital.
In Planning
Queens
$3.43B in Investment Sales in 2025
Queens posted a 16% increase in investment sales volume in 2025, with 558 transactions. Mixed-use and retail deals surged, with a 9-property portfolio on Queens Blvd trading at $66M to Malachite Group.
Market Data
Gowanus / Williamsburg
Rezoned Corridors Fueling New Ground-Up
Williamsburg and Gowanus top submarket watchlists for development ROI. 60% of new units now include outdoor space, and rezoned industrial corridors are generating active assemblage opportunities.
Hot Market
Incentive Program Intelligence

Regulatory Frameworks You Need to Know

Universal Affordability Preference

  • 20% FAR bonus for projects including affordable residential units
  • Opens up density in neighborhoods previously capped
  • Requires 100% affordable units in the bonus portion

Parking Mandate Removal

  • Eliminates costly parking requirements in transit zones
  • Frees up significant square footage and construction budget
  • Major value driver for infill and small-lot projects

Infill and Small Lots

  • Enables development on irregular, underutilized parcels
  • Accessory Dwelling Units now permitted in more zones
  • Office conversion pathways broadened significantly

Replacing 421-a

  • Primary post-421-a path for new rental construction
  • Applicable in Affordable Neighborhoods Program zones
  • Requires minimum 25% affordable set-aside

Tax Exemption Terms

  • 35-year exemption for projects with 20% affordable units
  • 40-year exemption for deeper affordability mix
  • Critical to making debt service on construction loans work

Labor and Wage Standards

  • Prevailing wage required for projects over 100 units
  • Underwriting must account for higher construction cost basis
  • We model both wage-compliant and smaller exempt scenarios

Office-to-Residential Conversion

  • Tax incentive for converting older commercial buildings to housing
  • Targets Class B/C office stock built before 1990
  • 25% affordable unit requirement to qualify

Geographic Scope

  • Manhattan office corridors from 14th to 96th Street
  • Downtown Brooklyn and select outer-borough office zones
  • Active pipeline building in Midtown South and Flatiron

Why It Matters Now

  • Office vacancy rates driving motivated seller activity
  • Adaptive reuse often faster to permit than ground-up
  • Strong demand for new residential in conversion corridors

Air Rights Assemblage

  • Coordinating TDR transfers for increased building massing
  • Adjacent lot air rights purchases to max out FAR
  • Active in Crown Heights, Bushwick, and Flatbush corridors

Zoning Lot Mergers

  • Tax lot consolidation to create a single developable envelope
  • Enables developers to build across multiple parcels as one
  • Coordination with title, surveyor, and city agencies required

Inclusionary Housing (IH)

  • Mandatory IH applies in designated R10 zones and others
  • Voluntary IH available in many R6-R9 medium-density areas
  • We match projects to the right IH path from day one
Active Markets

Submarkets We Work In

Crown Heights
Brooklyn
Active rezoning + strong rental demand
Bushwick
Brooklyn
Assemblage corridor, rezoning pipeline
Williamsburg
Brooklyn
High-value JV and condo pipeline
Gowanus
Brooklyn
Major rezoning unlocking new FAR
Flatbush
Brooklyn
Affordable rental and mixed-use sites
Ridgewood
Queens/Brooklyn
Cross-border assemblage opportunities
Long Island City
Queens
Luxury rental and condo pipeline
East New York
Brooklyn
Post-rezoning affordable pipeline
Market Pulse

NYC Development Q&A

What types of sites are you looking for right now?
We work with sites across all five boroughs. Ideally, we want to see: vacant land, underbuilt lots with significant air rights, assemblage candidates, distressed commercial assets, and sites where the owner needs a partner rather than a straight sale. FAR of R6 and above is ideal but we look at everything.
Vacant or underbuilt lots with unused FAR
Multi-parcel assemblage candidates
Distressed commercial for conversion
Owner seeks JV rather than all-cash sale
How does a Joint Venture actually work?
A JV typically involves a land owner contributing the site at an agreed value, and a development partner contributing equity and expertise to build. Profits split based on each party's contribution and risk. We structure, negotiate, and help close these deals, and we connect land owners directly with vetted development partners who are actively looking for exactly these arrangements.
What does 485-x mean for my project's feasibility?
485-x is now the main tax incentive for new rental construction in NYC, replacing the expired 421-a program. A 35 to 40-year tax exemption can dramatically change the math on a rental project, effectively making deals pencil that otherwise would not. We underwrite with and without 485-x to show the real delta and help clients understand which path to take.
What is the City of Yes and how does it affect site values?
City of Yes is a zoning reform package passed by the NYC Council that increases housing capacity citywide. For site owners, the most impactful change is the Universal Affordability Preference: a 20% FAR bonus for projects that include affordable housing. More FAR means more buildable square footage, which means higher site value. We're already seeing this move pricing on certain parcels.
Senior Construction Loan (LTC 60-70%)
Mezzanine / Preferred Equity (Gap Fill)
Joint Venture / LP Equity Partner

We Manage the Full Capital Stack.

NYC ground-up development needs every layer working together. We connect clients with senior construction lenders, mezz providers, preferred equity sources, and JV partners through our referral network. We introduce - you close with your own licensed advisors. Whether you are selling a site or trying to break ground, we have the relationships to close.

10-Yr Treasury
4.24%
SOFR
5.31%
Updated
The Team

Capital Markets + Development Desk

Mendy Lipsker
Founder and President

Mendy Lipsker

Driving institutional relationships and capital structuring across the Five Boroughs. Mendy oversees strategic direction and major deal syndications.

Me***@*********ty.com 718.751.0738 WhatsApp Mendy
Jeff Zalmy
Joint Venture Specialist

Jeff Zalmy

20 years in New York development, specializing in JV equity, institutional partnerships, and complex site disposition strategies across the boroughs.

Je**@**********al.com 631.430.6576

Have a Site, a Deal, or a Question?

We work fast. Reach out directly and we will respond same day.

Email the Team WhatsApp Now Call 718.751.0738
More Resources
Home CRE Sales Commercial Mortgage Investment Sales Debt Architecture Market Reports Probate Process Crown Heights Intel Bushwick Update Retail Archives
Mendy Realty Inc. / Mendy Capital Markets: Licensed Real Estate Broker, State of New York.

REGULATORY NOTICE: We are a licensed real estate brokerage specializing in development site sales, Joint Ventures, and construction financing advisory. We are NOT third-party referral providers, an investment bank, or a registered investment advisory firm. We do not provide tax, legal, or investment advice. All site transactions and JV structures are subject to third-party underwriting and formal approval. Market data is sourced from publicly available industry reports and is provided for informational purposes only and should not be relied upon as a basis for investment decisions.
Live from NYC Open Data

Latest NYC New Building Permits

Auto-updated from NYC DOB permit issuance data. Refreshes every 4 hours. Mendy Capital Markets provides third-party referral and introductory services only. We are not a licensed mortgage broker, financial advisor, CPA, or 1031 exchange qualified intermediary.

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Institutional Debt Architecture & NYC Commercial Mortgage Brokerage

NYC Commercial Mortgage Broker $5M-$300M Debt Structuring Non-Recourse Multifamily Loans NYC CMBS Execution Mezzanine Financing Manhattan Bridge Loans Brooklyn

Mendy Realty Inc. operates as the premier commercial mortgage broker in NYC, specializing in the high-stakes $5 million to $300 million capital range. Backed by over two decades of NYC real estate mastery and $5.8 billion in historical transaction volume, our firm utilizes proprietary AI-driven underwriting to secure the most competitive permanent financing, bridge debt, and construction loans for institutional and private investors across the Five Boroughs.

Our vertical integration through Mendy Capital ensures a seamless flow from strategic investment sales to final execution. We specialize in identifying high-yield development sites and providing the institutional debt architecture required for complex builds. Whether navigating the Mendy Capital Markets ecosystem or securing a commercial mortgage via Mendy Capital Markets, our clients access unparalleled liquidity.

Minimum Loan Entry $5,000,000 (Private & Institutional Capital)
Capital Max Capacity $300,000,000+ (Structured Capital Markets)
Brokerage Specializations 1031 Exchange, Refinance Cash-Out, Gap Equity, Mezzanine Debt
NYC Territory Coverage Manhattan Office-to-Resi, Brooklyn Industrial, Bronx Multifamily
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