Broad Street signs $110M refi with ACORE for office in Grand Central

Broad Street Development through the entity BSD 370 Lexington, L.L.C. as borrower signed a refi loan with lender ACORE Capital through the entity Aoc II Reit Cb II, LLC valued at $110 million for the office building (O4) at 370 Lexington Avenue in Grand Central, Manhattan.
The deal closed on June 4, 2026 and was recorded on June 18, 2026. The prior lender was Invesco which held debt that had an original loan amount of $125.8 million.The property has 246,605 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $446 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 owner bought the property on December 17, 2018, for $190 million. The signatory for Broad Street Development was Raymond Chalme . The signatory for ACORE Capital was Jason Mann . $25.7 million from four mortgages from 2018 to 2022 was satisfied on June 18, 2026.

Prior sales, articles and revenue

The 246,605-square-foot property generated revenue of $16.4 million or $67 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on June 08, 2026 that Broad Street Development and KSR Capital borrowed $110 million from Acore Capital for 370 Lexington Avenue, New York, NY. The borrower-side brokers were Peter Griesinger of CBRE.

The property

The office building in Grand Central has 246,605 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 150 feet deep with a total lot size of 14,812 square feet. 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 $87.4 million. ACORE Capital on June 4, 2026 bought a loan with an original principal of $125.8 million from Invesco signed by Jaime Kelley , secured by 370 Lexington Avenue, when owned by Broad Street Development .

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 one DOB violation and $3,630 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 5th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Grand Central is the 5th most active neighborhood among other neighborhoods. It had 12.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There were 500 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 six of the seven commercial properties representing 2,889,083 square feet of the 3,114,083 square feet. The largest owner is H.J. Kalikow & Co. , followed by Cohen Brothers Realty and then Terra Capital Partners .
There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Broad Street Development owned at least five commercial properties with 64 residential units in New York City with 704,809 square feet and a PincusCo-determined asset value of $441.6 million. The portfolio has $24.9 million in debt, with top three lenders as Deutsche Pfandbriefbank , Signature Bank, and Broadview Capital respectively. Within the portfolio, the bulk, or 86 percent of the 704,809 square feet of built space are office properties, with industrial properties next occupying 7 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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