Emmes Asset Management signs $20M refi with Genesis LLC for two properties in Midtown West

Emmes Asset Management Company, through the entities NRP 1674 LLC and NR 11 West 56th Street LLC, as borrower signed a refi loan with lender Genesis LLC through the entity NEG Financing 7 LLC valued at $20 million for two properties including the office building (O6) at 1672 Broadway in Midtown West, Manhattan and retail building (K2) at 11 West 56th Street in Midtown West, Manhattan.
The deal closed on July 31, 2025 and was recorded on August 7, 2025. The prior lender was JPMorgan Chase|Genesis LLC which held debt that had an original loan amount of $23.2 million.The two properties have 55,190 square feet of built space and 14,408 square feet of additional air rights for a total buildable of 69,566 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $362 and the price per buildable square foot is $287 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 Emmes Asset Management Company was Andrew Davidoff . The signatory for Genesis LLC was Ezra Husney .

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 1672 Broadway.

The property

The office building in Midtown West has 55,190 square feet of built space and 14,408 square feet of additional air rights for a total buildable of 69,566 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 70 feet deep with a total lot size of 4,975 square feet. The lot is irregular. The zoning is C6-7 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 $15.2 million.

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 $4,240 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two 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 $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 38.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 51 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 1672 Broadway, PincusCo has identified the owners of four of the eight commercial properties representing 1,654,542 square feet of the 2,521,716 square feet. The largest owner is Sl Green Realty, followed by Algin Management Company and then Manocherian Brothers.
On the tax block, there was one new building construction project filed totaling 452,896 square feet. It is a 426-unit, 452,896 square-foot residential (R-2) building submitted by Algin Management and filed by Laurence Ginsberg with plans filed June 9, 2014 and permitted May 28, 2015.

The majority, or 60 percent of the 2.5 million square feet of built space are office buildings, with elevator buildings next occupying 37 percent of the space.

The borrower

The PincusCo database currently indicates that Emmes Asset Management Company owned at least one commercial property in New York City with 9,447 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.2 million in debt, borrowed from Genesis Holdings Management. The portfolio consists of at least a single retail property. It is located in Manhattan.

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