Digby Management signs $19M refi for office in Lenox Hill
Digby Management Company through the entity Gallery Partners, L.L.C. as borrower signed a refi loan with lender Apple Bank valued at $19 million for the office condo at 1009 Madison Avenue in Lenox Hill, Manhattan.
The deal closed on April 3, 2025 and was recorded on April 9, 2025. The prior lender was New York Life Insurance Company which held debt that had an original loan amount of $20 million.The property has 54,449 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $348 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 Digby Management Company was Debra G. Fechter. The signatory for Apple Bank was Cynthia Wang.
The property
The office condo in Lenox Hill has 54,449 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 54,449 square feet. The city-designated market value for the property in 2022 is $44.9 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 not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on December 31, 2012. 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 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 highest sale turnover among other neighborhoods in the city with $3.9 billion in sales volume in the last two years. For development, Lenox Hill has 2.7 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3.1 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 office buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 278,761 square feet of the 340,478 square feet. The largest owner is Alexico Group, followed by Siba Residences and then Ems Capital.
There are no active new building construction projects on this tax block.
The majority, or 54 percent of the 340,478 square feet of built space are hotel buildings, with specialty buildings next occupying 17 percent of the space.
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