Empire Management signs $49M refi loan with LMF Commercial for 11 properties in Manhattan

Fred Ohebshalom’s Empire Management through the entity Redrock Manager At LLC as borrower signed a refi loan with lender LMF Commercial valued at $49 million for 11 properties with 214 residential units including the 45-unit residential elevator building (D6) at 351 Third Avenue in Kips Bay, Manhattan, 40-unit residential elevator building (D3) at 330 East 52nd Street in Turtle Bay, Manhattan, and the 40-unit residential elevator building (D3) at 210 East 38th Street in Murray Hill, Manhattan.
The deal closed on October 8, 2025 and was recorded on January 6, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $55.8 million.The 11 properties have 151,512 square feet of built space and 197,571 square feet of additional air rights for a total buildable of 347,254 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $323 and the price per buildable square foot is $141 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 Empire Management was Fred Ohebshalom.

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 351 3rd Avenue.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ramin Shalom, head officer and Fred Shalom, officer. The business entity is Redrock-Fo. Out of the 11 properties, five with a total of 151,512 square feet of built space generated revenue of $6.6 million per year.

The property

The residential elevator building with 45 residential units in Kips Bay has 151,512 square feet of built space and 197,571 square feet of additional air rights for a total buildable of 347,254 square feet according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 110 feet deep with a total lot size of 8,242 square feet. The zoning is C2-8 which allows for up to 2 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 $12.8 million. The property has 7 rent regulated units according to city tax records from 2024.

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 three DOB violations, $400 in ECB penalties, five housing violations, and $5,445 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 block

On the tax block of 351 3rd Avenue, PincusCo has identified the owners of 14 of the 24 commercial properties representing 166,832 square feet of the 320,188 square feet. The largest owner is Steven Miller, followed by Croman Real Estate and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 320,188 square feet of built space are elevator buildings, with walkup buildings next occupying 48 percent of the space.

The borrower

The PincusCo database currently indicates that Empire Management owned at least 25 commercial properties with 1,019 residential units in New York City with 1,247,338 square feet and a city-determined market value of $246.2 million. (Market value is typically about 50% of actual value.) The portfolio has $336.2 million in debt, with top three lenders as Barclays, Santander Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 80 percent of the 1,247,338 square feet of built space are elevator properties, with H1 properties next occupying 10 percent of the space. They are all located in Manhattan.

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