Diamond, watch dealer Avi Hiaeve signs $19M refi loan with Genesis LLC for office in Lenox Hill

Diamond and luxury watch dealer Avi Hiaeve of Avi & Co., through the entity 5 East 59th Street Holdings LLC as borrower signed a refi loan with lender Genesis LLC through the entity Neg Financing 1 LLC valued at $19 million for the office building (O6) at 5 East 59th Street in Lenox Hill, Manhattan.
The deal closed on February 19, 2026 and was recorded on February 23, 2026. The prior lender was Cerco Funding which held debt that had an original loan amount of $18.2 million. The property has 38,052 square feet of built space and 12,148 square feet of additional air rights for a total buildable of 50,200 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $499 and the price per buildable square foot is $378 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 February 28, 2024, for $26.7 million. The signatory for Avi Hiaeve was Avi Hiaeve. The signatory for Genesis LLC was Ezra Husney .

The property

The office building in Lenox Hill has 38,052 square feet of built space and 12,148 square feet of additional air rights for a total buildable of 50,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,020 square feet. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $16.4 million. Genesis LLC on February 19, 2026 bought a loan with an original principal of $18.2M from Cerco Funding signed by Franz F. Cervinka , secured by 5 East 59th Street, when owned by Avi Hiaeve .

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 $24,900 in ECB penalties and $28,100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 28, 2016. On the lot, there is one active major alteration construction project, M01104282, for a 37,439 square-foot 56 building. The project was submitted by Avi Hiaeve with plans filed September 25, 2024 and permitted May 5, 2025.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the 2nd highest sale turnover among other neighborhoods in the city with $4.5 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were 14 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 nine of the 10 commercial properties representing 1,049,947 square feet of the 1,202,696 square feet. The largest owner is Vornado Realty Trust, followed by Jpmbb 2014-C24 Madison Avenue and then Titan Golden Capital.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 1.2 million square feet of built space are office buildings, with hotel buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Avi Hiaeve owned at least one commercial property in New York City with 38,052 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $18.2 million in debt, borrowed from Cerco Funding. The portfolio consists of at least a single office property. It is located in Manhattan.

Direct link to Acris document. link