Allied Partners signs $80M refi for assemblage fronting Bryant Park

Allied Partners through the entity 43 West 39th Realty LLC as borrower signed a refi loan with lender Deutsche Bank valued at $80 million for an assemblage composed of six properties with 15 residential units including the specialty building (W6) at 50 West 40th Street, the office building (O6) at 54 West 40th Street, and the five-unit mixed-use building (S9) at 49 West 39th Street in Garment District, Manhattan.
The deal closed on October 15, 2025 and was recorded on October 24, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $72 million.
The six properties have 156,616 square feet of built space and 91,656 square feet of additional air rights for a total buildable of 248,220 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $510 and the price per buildable square foot is $322 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 Allied Partners was Eric Hadar .

Prior sales and revenue

Out of the six properties, one with a total of 156,616 square feet of built space generated revenue of $329,086 per year.

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 $6,840 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. On these lots, there is one active new building construction project, 123867173, for a 2,246 square-foot M building. The project was submitted by Michael Core with plans filed December 13, 2019 and it has not been permitted yet.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On the tax block of 50 West 40th Street, PincusCo has identified the owners of nine of the 19 commercial properties representing 1,322,449 square feet of the 2,047,469 square feet. The largest owner is Pbc Usa Real Estate, followed by Skyline Developers and then Chetrtit Group.
On the tax block, there were three new building construction projects totaling 880,829 square feet. The largest is a 283-unit, 824,216 square-foot residential (R-2) building submitted by HFZ Capital Group and filed by John Simonlacaj with plans filed January 9, 2014 and permitted July 30, 2014. The second largest is a 62-unit, 54,367 square-foot residential (R-2) building submitted by Skyline Developers and filed by Leonard Wilf with plans filed December 17, 2014 and permitted July 28, 2016.

The majority, or 88 percent of the 2 million square feet of built space are office buildings, with hotel buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Allied Partners owned at least three commercial properties with six residential units in New York City with 106,878 square feet and a city-determined market value of $50 million. (Market value is typically about 50% of actual value.) The portfolio has $34 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 94 percent of the 106,878 square feet of built space are office properties, with mixed-use properties next occupying 6 percent of the space. They are all located in Manhattan.

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