AmTrust Realty pays $211.2M to Sapir Organization for office in Grand Central

AmTrust Realty through the entity Am 260 Madison LLC paid $211.2 million to Sapir Organization through the entity 260-261 Madison Avenue LLC for the office building (O4) at 260 Madison Avenue in Grand Central, Manhattan. The expected use is cash flowing.
The deal closed on December 5, 2025 and was recorded on December 10, 2025. The property has 531,270 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $397 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 Sapir Organization was Alex Sapir . The signatory for AmTrust Realty was Jonathan Bennett. The contract date was September 29, 2025.

To finance the purchase, AmTrust Realty signed a $200.6 million acquisition loan owned by Tel Aviv Stock Exchange bondholders.

Sapir Corp. is an affiliate of Sapir Organization, according to a PincusCo analysis of property records. A spokesperson for Sapir Corp. said they were not affiliated. Sapir Corp. placed NoMo SoHo Hotel in bankruptcy last month to prepare for a $125 million sale to Dan Hotels.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer AmTrust Realty purchased four properties in four transactions for a total of $88.5 million and has no record it sold any properties over the past 24 months.
The seller Sapir Organization had not purchased any other properties and sold one property in one transaction for a total of $12 million over the same time period. The 531,270-square-foot property generated revenue of $24.9 million or $47 per square foot, according to the most recent income and expense figures.

The property

The office building in Grand Central has 531,270 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 197 feet and is 147 feet deep with a total lot size of 29,130 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 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 $134.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $4,935 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 7th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 1,188,113 square feet of the 1,503,905 square feet. The largest owner is Sapir Organization, followed by Mcsam Hotel Group and then Juster Properties.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Sapir Organization owned at least three commercial properties in New York City with 1,036,369 square feet and a city-determined market value of $285.3 million. (Market value is typically about 50% of actual value.) The portfolio has $290.1 million in debt, borrowed from JPMorgan Chase and Tel Aviv Stock Exchange bondholders. Within the portfolio, the bulk, or 88 percent of the 1,036,369 square feet of built space are office properties, with hotel properties next occupying 12 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that AmTrust Realty owned at least four commercial properties with 144 residential units in New York City with 350,214 square feet and a city-determined market value of $90.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 350,214 square feet of built space are office properties, with walkup properties next occupying 32 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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