Archdiocese of New York signs $80M refi with JPMorgan Chase for three properties in Midtown East

455 Madison Avenue (Credit - Google)

Archdiocese of New York through the entity Archdiocese Of New York as borrower signed a refi loan with lender JPMorgan Chase valued at $80 million for three properties including the hotel building at 455 Madison Avenue in Midtown East, Manhattan, retail building at 457 Madison Avenue in Midtown East, Manhattan, and midblock retail building at 35 East 50th Street in Midtown East, Manhattan. The church owns the fee under the properties.
The deal closed on May 26, 2022 and was recorded on June 17, 2022. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $120 million.The three properties have 866,090 square feet of built space and 56,256 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $92 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 Archdiocese of New York was Monsignor Joseph P. LaMorte.

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 455 Madison Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes John Tolbert, head officer and Nwph Holdings Llc, shareholder. The business entities are Northwood Hospitality Llc and Nwph Inc. Out of the three properties, two with a total of 866,090 square feet of built space generated revenue of $4.3 million per year.

The property

The 455 Madison Avenue parcel has frontage of 140 feet and is 200 feet deep with a total lot size of 35,720 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 $212.4 million.The most recent loan totaled $120 million and was provided by JPMorgan Chase on November 6, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 13 DOB violations, $3,650 in ECB penalties, and $5,150 in OATH penalties in the last year.


For the tax lot buildings, two out of the three 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 $5 million on this tax lot.

The neighborhood

In Midtown East, the majority, or 77 percent of the 65.7 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 8 percent of the space. In sales, Midtown East has 4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Midtown East has 4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Manhattan. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On the tax block of 455 Madison Avenue, PincusCo has identified the owners of three of the five commercial properties representing 866,090 square feet of the 1,596,981 square feet. The largest owner is Lotte New York Palace, followed by Archdiocese of New York and then Archdiocese/N.Y.. There is one active new building construction project totaling 5,951,823 square feet. It is a N/A-unit, 5,951,823-square-foot B building developed by Paul Lachman with plans filed March 6, 2012 and permitted April 8, 2013.

the majority, or 49 percent of the 1.7 million square feet of built space are hotel buildings, with office buildings next occupying 43 percent of the space.


Within a 400-foot radius of 455 Madison Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $5 million and one permit with a total initial cost of $10.2 million. The most recent of these two items was the filing on October 4, 2021 for a two-square-foot COM building with zero residential units at 437 Madison Avenue.
Of those four items, two were loans above $5 million totaling $235 million. The most recent of the two was Jack Resnick & Sons which borrowed $50 million from JPMorgan Chase secured by the 244,668-square-foot, 29-unit office building (O4) on 485 Madison Avenue on December 30, 2021.

Direct link to Acris document. link

Share this article