Enclave Equities is a fully integrated commercial real estate investment firm.

We own, manage, and develop a diverse portfolio of real estate assets in the New York Metropolitan area.


The firm’s principals have collectively acquired, financed, developed and repositioned more than $2 billion in commercial real estate across hundreds of individual transactions.

Enclave’s portfolio consists of approximately 150 properties ranging from luxury rental apartments and condominiums to ground-up mixed-use development sites. Enclave is also active in real estate financing and participates at all levels of the capital structure including equity, senior and mezzanine debt. All funds used for these investments are internally generated.


Enclave focuses on identifying underperforming or mismanaged properties located in fundamentally sound markets. The firm leverages its in-house development, construction, leasing, and asset management expertise in order to maximize the value of its projects.

Enclave views prospective investments with an eye towards long-term value creation. The firm constantly monitors the marketplace in order to better understand the quality and sustainability of its existing asset base while, at the same time, acquiring properties that it can successfully reposition to meet the demands of today’s environment.


A Hands-on Perspective on Distress and Turnarounds in the Middle Market

Enclave’s principals began operations in 2008 by successfully managing the turnaround of a portfolio of non-performing commercial mortgages and REO properties on behalf of a family real estate office. From completing stalled construction projects and repositioning vacant properties for new tenants to navigating the foreclosure and bankruptcy process in order to gain control of a property, the Enclave team implemented a tailored monetization plan for over 140 distressed assets.

Building on its experience in bringing value to distressed and complex opportunities, the Enclave team has branched out into property acquisition and currently has in excess of 1,500 apartment units and approximately 300,000 square feet of commercial space in development. Below are some representative projects that have been developed by the Enclave team.


Turn Around Transactions

Ludlow Street, NYC

Enclave foreclosed on the non-performing first mortgage encumbering this partially completed 7-story luxury condominium project. Since gaining ownership in 2011 Enclave procured NYC Board of Standards and Appeals approval to complete the project despite a downzoning that would have greatly reduced the building’s size. After reconfiguring the layout of the building to better meet the demands of the market and completing the building, Enclave sold 100% of the units.

Oxford Avenue Riverdale, NY

Purchased a distressed mortgage collateralized by a 60,000 square foot partially completed luxury apartment building in Riverdale, NY. Enclave completed the foreclosure, gained ownership of the property and completed construction. The property is now fully occupied.

South 5th Ave Mt. Vernon, NY

Redevelopment of an 80,000 square foot vacant Verizon call center into 40 units of senior affordable housing and a 22,000 square foot extension center for Westchester Community College. Enclave financed the construction of the apartments with tax exempt NYSHFA bonds and low income housing tax credits. Prior to the LIHTC financing, the community college space was placed into a separate condominium. This property is fully leased.

Gun Hill Rd, Bronx, NY

Foreclosure of the non-performing first mortgage and completion of this 45,000 square foot mixed-use apartment building with 32 units and 10,000 SF of commercial space. The property is now fully leased and was recently refinanced.

Riverhead, Long Island

Ground-up development of a 119,000 square foot retail center that is anchored by Christmas Tree Shops, Dicks Sporting Goods and Aldi’s Supermarket and also includes Starbucks and several other retailers. Enclave acquired the development site out of bankruptcy.

The St. Claire on 5th Condominium, NYC

After negotiating the acquisition of the property through a friendly foreclosure, Enclave successfully completed the build out, condominium conversion and sell out of this 13 unit luxury condominium in Central Harlem.

Southern Boulevard, Bronx, NY

Enclave held the 1st mortgage on this partially completed 20,000 square foot apartment building and gained ownership by settling with the borrower. Enclave completed construction, leased up the units and refinanced the property.

Woodward Ave Norwalk, CT

Enclave acquired this 66,000 square foot office and warehouse property from a distressed seller. The property is triple-net leased to a subsidiary of Timex.


Active Development Projects

Brooklyn, NY Townhouse Portfolio

Ground-up development, marketing and sale of 7 luxury townhomes and one boutique condominium in the Park Slope, Williamsburg, and Cobble Hill neighborhoods of Brooklyn.

Route 22, Brewster, NY

Mixed use development on 10 acres with frontage on Route 22. Currently in planning.

North Attleboro, MA

30 acre mixed-use development to consist of 45 luxury active adult manufactured housing community currently undergoing planning and approval with two out parcels on Route 1. Retail tenants include O’Reilly Auto Parts (completed in 2016) and Cumberland Farms (projected completion in 2018).

Norfolk, MA

40-B affordable housing development consisting of approximately 56 units. Currently undergoing planning and approval.

Black Rock Turnpike, Fairfield, CT

Enclave is a partner in the group which owns this 12.5 acre development site adjacent to the new Metro North station in Fairfield, CT. The project is currently in the planning and approval process.

Willard Rd, Norwalk, CT

Acquisition, completion and sellout of this partially complete 14 unit condominium project.

241st St and White Plains Rd, Bronx, NY

Enclave purchased this 25,000 square foot assemblage out of bankruptcy and is currently in the zoning and approval process for a proposed ground-up development consisting of approximately 10 stories, 150 apartments and 20,000 square feet of retail space. In the 1st quarter of 2015 the site gained acceptance into the New York State Brownfield Cleanup Program.

MacQuesten Parkway, Mount Vernon, NY

Fully approved ground up development of approximately 179 market rate apartments. Enclave successfully led the rezoning of two large industrial properties adjacent to the Fleetwood Metro North station. Groundbreaking set for September, 2017.

Gibsonia, PA

Enclave obtained approvals and is gearing up to begin construction (projected for Spring, 2018) on this ground up development of 186 acres located in a highly desirable Pittsburgh suburb. Current plans call for 170 units of luxury homes in an active adult community, 30 estate lots, a 60 unit senior apartment complex and a 120 bed assisted living facility. Since acquiring the long vacant property out of bankruptcy, Enclave successfully completed an extensive environmental cleanup under EPA oversight. Enclave has retained the site’s oil and gas rights for future lease or sale.


Debt Originations and Purchases


Provided $8MM in 1st mortgage bridge financing for this 400,000 square foot buildable development site.


Provided $12.75MM 1st mortgage, consolidating existing debt and providing cash out to borrower to complete a 16,000 square foot addition to this 45,000 square foot commercial loft property on the west side of Manhattan.


1st mortgage bridge financing collateralized by 6 mixed use buildings in this upper Manhattan neighborhood. The portfolio consists of more than 100 apartments and 12 stores.


Provided $3.2MM 1st mortgage collateralized by a 38 unit building within close proximity to Prospect Park.


Enclave provided $3.5MM 1st mortgage bridge financing to facilitate the borrower’s time of essence closing. Enclave closed this loan 5 business days after receiving the loan request.


Provided $6.7MM in 1st mortgage bridging financing for repositioning of a 40,000 square foot retail portfolio with properties in Queens and the Bronx.


Enclave provided $2.4MM in acquisition and construction financing for the purchase and gut rehabilitation of this 10 unit central Harlem apartment building.


Provided $2.4MM mortgage against a Bronx industrial building.


Enclave purchased this $10MM non-performing mortgage from an institutional lender.

West 47th Street, NYC

Enclave provided a $2.1MM 1st mortgage bridge loan. The borrower required the funds to complete the renovation of this high-end restaurant and lounge. Enclave completed its due diligence and funded the loan in 5 business days.

3rd Avenue Harlem, NYC

Provided a $1.6MM first mortgage bridge loan collateralized by a 110,000 square foot development site.

8th Avenue, NYC

Provided $8MM in time of the essence bridge financing for the borrower’s acquisition of a mixed use property situated in close proximity to Penn Station.

East 15th Street, NYC

Provided a $1.4MM bridge loan collateralized by a 5,700 square foot mixed-use building in close proximity to Union Square.

East 61st Street, NYC

Enclave purchased the non-performing 1st mortgage from an institutional lender for $4.6MM. Within 12 months, the borrower was able to refinance this 6,000 square foot property and payoff Enclave’s mortgage.


Recent Sales


  • Michael Goldberg


    Michael Goldberg is the President of Enclave Equities and focuses on identifying new investment opportunities, financing sources and joint venture partners. Mr. Goldberg has over 20 years of experience in real estate management and development. In addition to his responsibilities at Enclave, Mr. Goldberg owns and manages a portfolio of 4,000 apartment units in the New York Metropolitan area as well as numerous retail, warehouse, industrial and development properties, located primarily in the tristate region.

  • Steven Gelles


    Steven Gelles is the Chief Operating Officer of Enclave Equities. Mr. Gelles oversees Enclave’s operations and management. He is responsible for portfolio and risk management as well as the asset management and structuring of Enclave’s investments. Mr. Gelles manages new business development, corporate planning and overall corporate strategy. Mr. Gelles has been an active real estate investor for over 20 years through Sage Investors, L.P., an investment management firm which he started over 25 years ago. Mr. Gelles earned an M.B.A with Distinction, with a concentration in Finance, from the Harvard Business School and a B.S. Magna Cum Laude in Accounting and Decision Sciences from the Wharton School of the University of Pennsylvania.

  • Sam Mermelstein


    Mr. Mermelstein focuses on Enclave’s development and asset management activities, including the hiring and oversight of project consultants, contract and lease negotiations, government approvals and budgeting and the sale and leasing of completed projects. Mr. Mermelstein has over 15 years of real estate industry experience with extensive knowledge of acquiring, developing, investing in and disposing of real estate assets and non-performing loans. Sam has directed the acquisition, development and financing of more than $1B of commercial and residential real estate, including retail centers, apartment complexes and ground-up housing developments.

  • Jonathan Seplowitz


    Mr. Seplowitz currently focuses on Enclave’s investment and development activities including the origination, analysis and structuring of new acquisitions, financings and dispositions.  He is responsible for new business development and the implementation of asset specific investment strategies. Mr. Seplowitz co-managed the workout of a significant portfolio of non- performing commercial real estate debt and equity investments. Prior to joining Enclave, Mr. Seplowitz held a position with Madison Realty Capital where he focused on underwriting commercial bridge loans. Mr. Seplowitz received a B.S. summa cum laude from Yeshiva University in 2009.

  • Margaret Corbett


    Margaret Corbett is the Chief Financial Officer of Enclave Equities. Ms. Corbett is responsible for financial reporting and analysis, treasury, tax and internal controls. Prior to joining Enclave Equities, Ms. Corbett was CFO at a company creating film, TV, web and branded content. She has over ten years’ experience in public accounting and as a manager provided audit, tax and consulting services to clients in a variety of sectors including real estate, chemical manufacturing, consumer research and private foundation. Ms. Corbett is a CPA certified in the State of New York and earned her BBA in Accounting at the City University of NY, Baruch College.

  • Ari Weinberger


    Ari Weinberger focuses on providing debt and equity capital to the senior housing and long-term care industry, including identifying and underwriting opportunities, monitoring investing performance and working with operators. Mr. Weinberger has over 20 years real estate and healthcare experience as an investment banker and operator. Ari has structured over $4 billion in M&A and capital raising transactions. In addition, Ari served as president of a regional assisted living company. During his tenure, Ari tripled the size of the company through multiple acquisitions and developments. Mr. Weinberger earned an M.B.A. with concentrations in Analytical Finance and Accounting from Kellogg School of Management and a B.A. with Honors in Economics and Political Science from the University of Chicago.

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