Feil Organization signs $51.5M refi with Chase for Seven Penn Plaza

Feil Organization through the entity 370 Seventh Avenue Fee Owner LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $51.5 million for the office (O6) building Seven Penn Plaza at 370 Seventh Avenue in Penn Plaza, Manhattan.
The deal closed on May 23, 2025 and was recorded on June 4, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $50 million.The property has 332,383 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $154 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 Feil Organization was Jeffrey J. Feil . The signatory for JPMorgan Chase was Jennifer R. Lewin.

Prior sales and revenue

The 332,383-square-foot property generated revenue of $22.1 million or $66 per square foot, according to the most recent income and expense figures.

The property

The office building in Penn Plaza has 332,383 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 197 feet and is 100 feet deep with a total lot size of 19,750 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 $98.4 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 $6,245 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 neighborhood

In Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has 1.3 times the average sales volume among other neighborhoods with $357.4 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Penn Plaza has 3.3 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 4 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 18 commercial properties representing 512,452 square feet of the 1,026,542 square feet. The largest owner is Feil Organization, followed by Hsp Real Estate and then Syu Properties.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 1 million square feet of built space are office buildings, with industrial buildings next occupying 24 percent of the space.

The borrower

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 $601.2 million in debt, with top three lenders as Deutsche Bank, Morgan Stanley, and M&T Bank 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.

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