joyconstructionnyc.com

Revenue: 37,400,000 Size: 261GB | Joy Construction Corp: $1.3 Billion in Affordable Housing — and $8.7 Million to a Shareholder in Six Months --- PROLOGUE Joy Construction Corp. — a construction S-Corporation, 40 Fulton Street, 21st Floor, New York. Owners and officers — Amnon Shalhov and Nisan Lobel. The company builds affordable housing on government subsidies. The documents span the period from 2021 to May 2026: financial statements, statements for thirty-plus accounts, audited WIP reports, payroll registers, wire transfers to Israel, court cases, and closing documents for NYC HDC deals worth tens of millions of dollars. In this article you will be able to review only a portion of the data we have decided to make public. Everything else you will be able to download and examine for yourself once the full archive is published. --- Part I. Who Joy Construction Are Joy Construction Corp. — a construction S-Corporation. Address: 40 Fulton Street, 21st Floor, New York, NY 10038 . Specialty — residential and commercial construction in the New York metropolitan area. Predominantly affordable-housing program projects (LIHTC, HPD, HUD). Fixed-price contracts running more than a year. Owners and officers — from court documents: | Name | Role | |-----|------| | Amnon Shalhov | CEO and co-owner of Joy Construction Corp. | | Nisan Lobel | Co-owner and manager of Joy Construction Corp. | | Isaac Schwartzberg | Primary contact, isaac@joycon1st.com — contract author | | Priyanka Raul | Digital signatory of agreements, praul@joycon1st.com | | Gina Gojcaj | Document preparation, PM | The Shalhov and Lobel names are established from a federal case, where both are named as defendants alongside Joy Construction Corp. Amnon Shalhov signed an agreement with OSHA as President. A money-market account tied to Amnon Shalhov. The company has separate bank accounts and LLCs under the names: Joy Management YYY Corp , Joy - Amnon MM , Joy Bank Leumi Brokerage , Joy FX , five certificates of deposit (CDs), and the Joy Operating, Joy Payroll, and Joy 401K accounts. --- Part II. Finances: $239 million in assets, one shareholder Financial statements for a six-month period. Balance sheet | Item | Amount | |--------|-------| | Cash | $23,056,017 | | Securities (investment portfolio) | $73,863,919 | | Contract accounts receivable | $64,160,109 | | Contract assets (retainage) | $42,006,205 | | Prepaid insurance | $4,221,102 | | Advances to affiliates | $28,744,786 | | Total assets | $239,133,885 | | Accounts payable | $16,602,294 | | Contract liabilities | $159,953,509 | | Accrued expenses | $27,830,029 | | Advances from shareholder | $1,491,252 | | Total liabilities | $209,061,114 | | Shareholder's equity | $30,072,771 | Income statement | Item | Amount | |--------|-------| | Contract revenue | $139,796,703 | | Direct costs | $116,214,585 | | Gross profit | $23,582,118 | | Officers' salaries | $225,000 | | General and administrative expenses | $9,653,765 | | Interest and dividend income | $(1,761,203) | | Net income | $15,388,701 | What was paid out to the shareholder Over six months: > Distribution to shareholder: $8,748,835 Retained earnings at the start of the period: $23,147,905. At the end: $29,787,771. The sole shareholder took $8.7M — almost 57% of net income. Annual officers' salaries: $450,000 (based on $225K for six months). Securities $73,863,919 — a construction company holds $74M in marketable securities. An investment portfolio the size of a small fund. Coupons and dividends brought in $1,761,203 over six months. Advances to affiliates $28,744,786 — the company extended nearly $29M to related entities. The operating company is financing affiliated LLCs. Contract liabilities $159,953,509 — $160M more has been billed to customers than work has been performed. --- Part III. $1.3 billion in progress Audited WIP report as of December 31, 2025 (approved May 14, 2026). 14 active projects. | Project | Contract | Profit | % complete | |--------|---------|---------|-------------| | 207th St | $222,000,982 | $22,000,000 | 75.61% | | 1184 River Ave | $181,754,333 | $30,000,000 | 98.50% | | Tillary St | $156,055,835 | $0 | 91.16% | | Bruckner | $115,072,570 | $17,000,000 | 71.81% | | Edgemere A2 | $96,605,000 | $8,000,000 | 20.75% | | Edgemere B1 | $92,839,560 | $15,000,000 | 81.53% | | Watson | $89,565,846 | $14,960,876 | 84.69% | | Blondell | $83,854,000 | $11,000,000 | 66.24% | | 1159 River Ave | $81,066,265 | $12,750,000 | 97.12% | | Twin Parks | $55,410,107 | $14,280,107 | 99.86% | | Belmont Cove | $54,589,409 | $12,000,000 | 84.22% | | Baez Place | $49,416,138 | $6,000,000 | 95.88% | | Victory Baptist | $33,691,031 | $6,475,991 | 100% | | Four Points Rehab | $1,447,626 | $0 | 100% | | Total | $1,313,368,703 | $169,466,974 | — | Tillary St — $156 million with zero profit. A $156M contract, of which 91% has been completed, with documented profit of: $0. No other project shows a zero margin at this level of completion. Backlog as of June 30, 2025: $305,332,829 — the volume of future work under already-signed contracts. 90% is expected to be performed within the next 12 months. --- Part IV. The LLC network — more than 30 entities Each entity has its own bank account. A sampling: Project LLCs: - 11 Beach Street (+ RC LLC with an Israeli account) - 1016 Washington Ave - 1545 Jerome Manager LLC - 159 W 127th St - 1755 Watson Ave - 2131 8th Avenue LLC - 445 F&B Investors LLC - AZ 215th LLC - Amidar Residences - Bedford-Webster Commercial LLC - Bet Bet LLC - Blondell Equites LLC - Bruckner Affordable Owner / Bruckner LIHTC Owner LLC - Concourse Village - Crotona Terrace A / B - Jerome Owner LLC (Capital One + Valley Bank) - MCCLELLAN APTS LLC - Management to Joy LLC Joy financial entities: - Joy Management YYY Corp - Joy - Amnon MM - Joy Bank Leumi Brokerage - Joy FX - Joy CD 4800, 7261, 7489, 9632, 9633 (five certificates of deposit) - Joy Cash Collateral Account 0901 - Joy Construction Cash Collateral 6660 - Joy Corp-MetroBank 7343 - Joy MM 9602 "Joy Management YYY Corp" — a management company with an unusual name. Joy Construction's general and administrative expenses came to $9,653,765 over 6 months . Advances to affiliates: $28,744,786 — loans from the operating company into the LLC network. Jerome Owner LLC — deal with NYC HDC, April 2026 On April 19, 2026, Jerome Owner LLC closed a deal with NYC Housing Development Corp. for the property at 1941–1959 Jerome Avenue, Bronx . Settlement Statement UNY56151B was signed by Eli J. Weiss ("an Authorized Person" of Jerome Owner LLC). Sources of funding: - NYC HDC: $32,494,901.31 - LIHTC Equity: $3,371,866.00 - Total: $35,866,767.31 Of this amount: - Joy Construction received: $6,872,817.61 - Jerome Owner LLC (comm.): $7,818,066.00 - Jerome Owner LLC: $1,869,871.60 - Repayment of Rialto (Libermax) debt: $16,349,356.40 - Sidley Austin LLP (counsel): $250,000 - Hudson Housing Capital: $175,000 Joy Construction acts simultaneously as the contractor and the recipient of direct payouts at the closing of a LIHTC deal financed by a city agency. 411 West 35th Street — $96.5 million refinancing, June 2025 Isaac Schwartzberg prepared the refinancing calculation for the commercial property at 411 West 35th Street, New York . New lender: VMC CRE Master Lending Upper REIT LLC (a Varde Partners entity) New loan amount: $96,500,000 Payoff of Midland Loan Services: $93,467,259.50 Newmark & Company Real Estate commission: $970,000 Cash to borrower after all costs: $39,398.24 Varde Partners — a U.S. private equity fund specializing in distressed debt and commercial real estate. --- Part V. Bank accounts: 2025–2026 data Joy Payroll — monthly balances Reconciliations of Joy Construction's payroll account for 2026: | Date | Balance | |------|---------| | January 31, 2026 | $52,854.70 | | February 28, 2026 | $31,589.94 | | March 31, 2026 | $338,935.16 | | April 30, 2026 | $32,005.54 | | May 31, 2026 | $5,174.78 | For comparison — 2025: | Date | Balance | |------|---------| | January 31, 2025 | $42,503.45 | | April 30, 2025 | $448,640.21 | | August 31, 2025 | $490,752.37 | | September 30, 2025 | $404,164.17 | | December 31, 2025 | $84,313.62 | As of May 31, 2026 — $5,174. A company with $140M in revenue over six months keeps five thousand dollars in its payroll account. Sherman Operating Account 4100 The "Sherman" operating account — a separate entity within Joy Construction. Reconciliations for 2025: | Date | Bank balance | Adjusted balance | Outstanding checks | |------|-----------------|--------------------------|-------------------| | July 31, 2025 | $2,783,811.47 | $443,256.47 | $2,340,555.00 | | August 31, 2025 | $1,647,327.76 | $671,407.76 | $975,920.00 | | September 30, 2025 | $292,018.62 | $292,018.62 | — | | December 31, 2025 | $79,400.67 | $68,020.79 | $11,379.88 | July 2025 — outstanding checks of $2,340,555: - Sherman Creek LIHTC — a check for $964,000.00 - Wavecrest — a check for $1,371,960.00 In August, the $964,000 check for Sherman Creek LIHTC was still outstanding — plus a new check to Sam Schwartz Engineering for $11,920. Sherman Creek — a residential complex in Washington Heights/Inwood, Manhattan. A LIHTC government-subsidized housing project. Joy Construction handles settlements through the "Sherman Operating" account. December 2025 — outstanding check 10337 dated December 30, 2025, to Comack Realty Solutions LLC — $11,379.88. 11 Beach Street RC LLC — Bank Leumi An account at Israel's Bank Leumi. Reconciliations for all of 2024 and 2025 — the same balance throughout: $23,732.97 — unchanged from January 2024 through December 2025. The account is active (reconciliations are prepared monthly), but the balance has not moved in two years. Payroll register, March 13, 2026 Site: 337 Beach 52nd Street, Brooklyn, NY — pay week 11, pay date March 13, 2026, work period March 2–7, 2026. | Name | Hours | Overtime | |-----|------|-------------| | ABOUBAKAR DIAWARA | 40 hrs | 0 | | ALBOR MARIBEL | 40 hrs | 0 | | AVILA SELVIN FERNANDO | 40 hrs | 1 OT | | AGUIRRE CARLOS | −2 hrs (deduction) | — | | AGUIRRE YELBIN | −2 hrs (deduction) | — | NYC — fines and permits, 2026 From the payments register (February–May 2026): - DOT (Department of Transportation) — numerous payments, February–May 2026, amounts $50–6,508 - DOB (Department of Buildings) — payments of $130–200, February and May 2026 - FDNY — $315–935 (February and April 2026) - ECB (Environmental Control Board — fines) — $1,530 (April 2026) - NYC Finance — $310 (February 2026) May 13, 2026 — 18 DOT transactions across Joy Construction projects. --- Part VI. The Israeli trail Joy Bank Leumi Brokerage — a separate account at Bank Leumi, an Israeli bank headquartered in Tel Aviv. Owned by the entity 11 Beach Street RC LLC . Wire transfer, October 10, 2024: > Beneficiary: MELACH HARTEZ > Bank: Bank Leumi LE-ISRAEL B.M. (LUMIILITXXX) > IBAN: IL150109050000015470075 > Address: 15 Faran Street, Business Center Branch: Ramot Eshkol 905, Jerusalem, Israel > Purpose: Charity "Melach HaAretz" (מלח הארץ), translated from Hebrew, means "salt of the earth." The transfer is documented as a charitable contribution. Joy - Amnon MM — a money-market account tied to Amnon Shalhov. Amnon is a Hebrew name. Amidar Residences — "Amidar" (עמידר) is the name of Israel's state housing company. It has a separate bank account within the Joy Construction structure. --- Part VII. Subcontractors Mueser Rutledge Consulting Engineers PLLC (MRCE) 14 Penn Plaza, 225 W. 34th St, New York, NY 10122 - Geotechnical monitoring on the Blondell project (Jerome Ave, Bronx) - Contract January 2025: $226,100 (13 months of monitoring) - Revised contract February 2026: $164,800 (8 months) Live Lion Security LLC 5014 16th Ave Suite 231, Brooklyn NY 11204 | office@livelionsecurity.com - Security on the Blondell and Watson Church projects - Contract December 2023 (Blondell): $46,170 - Contract January 2024 (Blondell, repeat): $46,170 - Contract October 2025 (Watson Church): $19,345 - Monthly payment: $1,505 ($350/week) DBI Projects, LLC — an unpaid check for $33,812.50 (February 2025, Sherman Operating account, Account 4100). Edgemere Commons B1 — owner: Tishman Speyer , 45 Rockefeller Plaza, 12th Floor, New York NY 10111. Project address: 51-19 Beach Channel Drive, Far Rockaway, NY 11691. Architect: AUFGANG. Labor type: Non Union. Inspection January 14, 2025, estimate February 25, 2025. 1755 Watson Ave — entries on the Watson Church account, August 2025: - August 7, 2025: Wire Joy Construction → Watson — $477,484.58 - August 7, 2025: VHB check 49 — $156,879.14 - August 7, 2025: Incoming deposit — $634,363.72 - August 12, 2025: Deposit — $82,737.06 --- Part VIII. Court cases and violations ECB — fines on the Blondell project, 2022–2025 Site: 1338–1346 Blondell Avenue, Bronx, NY 10461 Total NYC CityPay bill (Bill BIL000531202): $17,767.86 , due June 6, 2026. Among the violations — asbestos: - Incinia Contracting Inc, October 28, 2022: "OPERATED NEG AIR SYSTEM CONTRARY TO EPA REPORT 560 5-85 (1985)" — DEP Asbestos. Fine: $3,900.00 - Incinia Contracting Inc, October 28, 2022: "MULTIPLE INFRACTIONS" — DEP Asbestos. Fine: $7,150.00 Directly against Joy Construction: - October 17, 2025 : "UNLAWFUL QUANTITY OR LOCATION OF REGULATED MATERIAL" — FDNY. Fine: $601.04 (status: Docketed). The asbestos subcontractor — Incinia Contracting Inc. Two EPA violations on the same day. Total asbestos fines: $11,050 . --- Whom this is addressed to For HUD, NYC HPD, NYC HDC, the Comptroller Joy Construction Corp. builds affordable housing on federal and city subsidies. For the first 6 months of 2025, the sole shareholder received $8,748,835 in distributions — on revenue of $139.7M and net income of $15.4M. General and administrative expenses: $9,653,765 over 6 months Contract liabilities: $159,953,509 — the company has billed customers $160M more than it has completed. Tillary St ($156M) — a project with zero profit at 91% completion. In April 2026, Joy Construction received $6,872,817.61 at the closing of the NYC HDC Jerome Avenue deal. For partners and investors in the LLC entities Thirty-plus LLCs, each with its own bank accounts. Joy Construction extended $28,744,786 in advances to affiliated entities.