Bolanos Properties signs $13.7M refi with Chase for six properties in NYC

Bolanos Properties through the entity Bolanos Management & Development LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $13.7 million for six properties with 85 residential units including the 24-unit residential elevator building (D3) at 247 East 33rd Street in Kips Bay, Manhattan, 19-unit residential walkup building (C7) at 33-20 34th Avenue in Astoria, Queens, and eight-unit residential walkup building (C5) at 244 East 33rd Street in Kips Bay, Manhattan.
The deal closed on February 27, 2026 and was recorded on March 16, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $16.4 million.The six properties have 45,838 square feet of built space and 31,674 square feet of additional air rights for a total buildable of 71,943 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $298 and the price per buildable square foot is $190 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 Bolanos Properties was Jorge J. Bolanos and Rosa M. Bolanos . The signatory for JPMorgan Chase was Ursula Flores .

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 247 East 33rd Street.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Jorge Bolanos, head officer and Rosa Bolanos, officer. The business entity is Bolanos Properties Llc. Out of the six properties, five with a total of 45,838 square feet of built space generated revenue of $1.9 million 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 one housing violation and $150 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 block

On the tax block of 247 East 33rd Street, PincusCo has identified the owners of 18 of the 30 commercial properties representing 791,973 square feet of the 1,040,151 square feet. The largest owner is Hakim Organization, followed by Slate Property Group.
On the tax block, there were three new building construction projects totaling 218,228 square feet. The largest is a 144-unit, 134,998 square-foot residential (R-2) building submitted by Xiaocheng Zhou and filed by Xiaocheng Zhou with plans filed May 2, 2019 and permitted August 28, 2019. The second largest is a 32-unit, 57,901 square-foot residential (R-2) building submitted by Extell Development and filed by Asher Schepansky with plans filed July 20, 2016 and it has not been permitted yet.

The majority, or 82 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 13 percent of the space.

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