Algin Management signs $325M refi for six properties in Manhattan

Algin Management through the entity 400 East 66th St. Co. LLC as borrower signed a refi loan with lender New York Life Insurance Company through the entity New York Life Insurance Company valued at $325 million for six properties with 1,320 residential units including the 480-unit residential elevator building (D6) at 300 Mercer Street in Greenwich Village, Manhattan, 300-unit residential elevator building (D6) at 200 East 33rd Street in Kips Bay, Manhattan, and 301-unit residential elevator building (D6) at 229 West 60th Street in Lincoln Square, Manhattan.
The deal closed on June 10, 2025 and was recorded on July 2, 2025. The prior lender was Algin Management| which held debt that had an original loan amount of $325 million.The six properties have 1,374,342 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $236 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 signatory for Algin Management was Liane Ginsberg , Laurence Ginsberg , and Hilary Feshbach . The signatory for New York Life Insurance Company was Delilah Iovino . New York Life provided a loan of $210 million in 2013 and JPMorgan Chase $115 million in 2017. In August 2024, an affiliate of Algin Management bought the loan from Chase. That was then combined with the New York Life loan and refinanced in the current deal.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 300 Mercer Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Laurence Ginsberg, head officer and Liane Ginsberg, officer. The business entities are Algin Management Co Llc and Hilary Gardens Company Llc. Out of the six properties, four with a total of 1,374,342 square feet of built space generated revenue of $77.1 million per year.

The property

The residential elevator building with 480 residential units in Greenwich Village has 1,374,342 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 200 feet deep with a total lot size of 37,400 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $161.8 million. The property has 41 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received four DOB violations, $2,530 in ECB penalties, five housing violations, and $8,750 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the six buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 300 Mercer Street, PincusCo has identified the owners of six of the seven commercial properties representing 529,873 square feet of the 1,019,582 square feet. The largest owner is Charles Alpert (271), followed by New York University and then Peter Jakobson.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 1 million square feet of built space are elevator buildings, with hotel buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Algin Management owned at least 16 commercial properties with 1,098 residential units in New York City with 1,295,940 square feet and a city-determined market value of $335.9 million. (Market value is typically about 50% of actual value.) The portfolio has $80.2 million in debt, borrowed from JPMorgan Chase and Algin Management. Within the portfolio, the bulk, or 73 percent of the 1,295,940 square feet of built space are elevator properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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