Feil, BLDG, Nakash get $65M construction loan for Midtown West resi conversion

Feil Organization, BLDG Management, and Nakash Holdings through the entity FGN 140 Fee Owner LLC as borrower signed a rehab construction loan with lender Deutsche Bank valued at $65 million for the conversion of the office building (O6) at 134-140 West 57th Street in Midtown West, Manhattan to 47 residential units.

Feil submitted conversion plans last month, as PincusCo first reported.
The deal closed on March 25, 2025 and was recorded on April 3, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $31 million.

The property has 90,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $722 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 partnership bought the property on October 30, 2009, for $59 million. The signatory for Feil Organization , BLDG Management , and Nakash Holdings was Jeffrey Feil . The signatory for Deutsche Bank was Christopher Harris and R. Chris Jones. The building is owned by the Feil Organization which holds 40.625 percent, BLDG Management which holds 40.625 percent and Nakash Holdings with holds 18.75 percent.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Tim Case, head officer and Kevin Neuner, officer. The business entity is 140 W 57st Corp. The 90,000-square-foot property generated revenue of $5.6 million or $63 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 90,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is C5-3 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 property is in the Individual Landmark. The city-designated market value for the property in 2022 is $26 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 received one DOB violation, $3,125 in ECB penalties, and $4,275 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 1, 2014. 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 2nd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 34.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 45 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 two of the 14 commercial properties representing 116,075 square feet of the 1,597,985 square feet. The two identified owners are Feil Organization and Hasan Biberaj.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 1.6 million square feet of built space are hotel buildings, with office buildings next occupying 47 percent of the space.

The borrower

The PincusCo database currently indicates that Bldg Management owned at least 168 commercial properties with 4,709 residential units in New York City with 6,012,970 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 6,012,970 square feet of built space are elevator properties, with office properties next occupying 19 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.
The PincusCo database currently indicates that Feil Organization owned at least 37 commercial properties with 1,084 residential units in New York City with 7,172,868 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $391.2 million in debt, with top three lenders as Deutsche Bank, Morgan Stanley, and Capital One respectively. Within the portfolio, the bulk, or 56 percent of the 7,172,868 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Queens next at 21 percent of the space.

Direct link to Acris document. link