Empire Management signs $23.5M refi with Wells Fargo for 72-unit rental in Garment District

Empire Management through the entity Century 3w36-At LLC as borrower signed a refi loan with lender Wells Fargo valued at $23.5 million for the 72-unit residential elevator building (D7) at 3 West 36th Street in Garment District, Manhattan.
The deal closed on March 17, 2026 and was recorded on March 23, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $19.8 million.The property has 68,721 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $341 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 January 1, 2007, for $12.6 million. The signatory for Empire Management was Fred Ohebshalom . The signatory for Wells Fargo was Leigh Di Angelo .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Fred Shalom, head officer and Fisnik Hasani, officer. The business entities are Empire Management and Century Development Partners Llc. The 68,721-square-foot property generated revenue of $3.9 million or $56 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 72 residential units in Garment District has 68,721 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 98 feet deep with a total lot size of 4,936 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $27.8 million. Wells Fargo on March 17, 2026 bought a loan with an original principal of $19.8M from Flagstar Bank signed by Meghan Nosworthy , secured by 3 West 36th Street, when owned by Empire Management .

Transaction Participants

Peter Doyle at Katten Muchin Rosenman LLP participated in the transaction on behalf of .

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 $50 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 2, 2013. 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 this tax block, PincusCo has identified the owners of 13 of the 29 commercial properties representing 1,188,572 square feet of the 1,676,094 square feet. The largest owner is Vanbarton Group, followed by Chetrit Group and then Empire Management.
On the tax block, there was one new building construction project filed totaling 46,824 square feet. It is a 143-unit, 46,824 square-foot hotel/dormitory/shelter (R-1) building submitted by Richard Fung with plans filed December 4, 2014 and permitted March 9, 2017.

The majority, or 65 percent of the 1.7 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Empire Management owned at least 33 commercial properties with 1,168 residential units in New York City with 1,456,140 square feet and a city-determined market value of $311.6 million. (Market value is typically about 50% of actual value.) The portfolio has $397.7 million in debt, with top three lenders as Barclays, Santander Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 75 percent of the 1,456,140 square feet of built space are elevator properties, with office properties next occupying 9 percent of the space. They are all located in Manhattan.

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