Feil Organization signs $62M refi for 364-unit rental in Midtown South

Feil Organization through the entity 4 Park Avenue Associates LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $62 million for the 364-unit residential elevator building (D6) at 4 Park Avenue in Midtown South, Manhattan.
The deal closed on March 31, 2025 and was recorded on April 9, 2025. The prior lender was Fannie Mae which held debt that had an original loan amount of $60 million.The property has 341,952 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $181 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 M&T Bank was Tyler Barnes.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jeffrey Feil (Estate Of L Feil), head officer and Rubin Marcus, officer. The business entities are Broadwall-Management Corp and 4 Park Ave. Associates Llc. The 341,952-square-foot property generated revenue of $16.7 million or $49 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 364 residential units in Park Avenue South has 341,952 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 197 feet deep with a total lot size of 15,800 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 city-designated market value for the property in 2022 is $78 million. The property has 113 rent regulated units according to city tax records from 2023.

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 $525 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 this tax block, PincusCo has identified the owners of 10 of the 22 commercial properties representing 1,161,958 square feet of the 1,949,099 square feet. The largest owner is Prudential Financial, followed by Feil Organization and then Apf Properties.
On the tax block, there was one new building construction project filed totaling 67,003 square feet. It is a 82-unit, 67,003 square-foot residential (R-2) building submitted by Pi Capital Partners and filed by James Pi with plans filed July 26, 2019 and it has not been permitted yet.

The majority, or 74 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 18 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 $391.2 million in debt, with top three lenders as Morgan Stanley, Deutsche Bank, 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.

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