Flag Luxury Group signs $325M refi loan with Deutsche Bank for hotel in NoMad

Flag Luxury Group through the entity Rp1185 LLC as borrower signed a refi loan with lender Deutsche Bank valued at $325 million for the Ritz-Carlton New York, NoMad hotel condominium unit at 35 West 28th Street in NoMad, Manhattan.
The deal closed on December 22, 2025 and was recorded on January 2, 2026. The prior lender was Bank OZK which held debt that had an original loan amount of $200 million.The property has 302,689 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,073 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 Flag Luxury Group was Adam Raboy . The signatory for Deutsche Bank was James Angoff and Joshua Frank.

The property

The hotel condo in NoMad has 302,689 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 302,689 square feet. The city-designated market value for the property in 2022 is $151.5 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 not received any significant violations 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. On the tax lot, the most recent condominium plan was filed by RP1185 LLC to create 16 residential units and 1 commercial units in a building at 1185 Broadway in NoMad, Manhattan, called Ritz-Carlton Residences, New York, Nomad At 1185 Broadway Condominium with an $88 million residential sell out, according to an October 09, 2020 submission to the New York State Attorney General. The principals of the sponsor, RP1185 LLC, were Dayssi Olarte De Kanavos and Paul Kanavos.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.7 times the average sales volume among other neighborhoods with $523.4 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, NoMad has 1.9 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 36 commercial properties representing 637,291 square feet of the 976,387 square feet. The largest owner is Solil Management, followed by Joginder Sharma and then Devli Real Estate.
On the tax block, there were two new building construction projects totaling 398,940 square feet. The largest is a 266-unit, 226,649 square-foot hotel/dormitory/shelter (R-1) building submitted by Flag Luxury Group and filed by Richard Murphy with plans filed January 20, 2016 and permitted April 23, 2018. The second largest is a 41-unit, 172,291 square-foot residential (R-2) building submitted by Boris Kuzinez and filed by Yoram Barel with plans filed September 23, 2016 and permitted April 18, 2024.

The majority, or 56 percent of the 976,387 square feet of built space are hotel buildings, with office buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Flag Luxury Group owned at least two commercial properties in New York City with 544,668 square feet and a city-determined market value of $35.3 million. (Market value is typically about 50% of actual value.) The portfolio has $200 million in debt, borrowed from Bank OZK. Within the portfolio, the bulk, or 50 percent of the 544,668 square feet of built space are H1 properties, with hotel properties next occupying 50 percent of the space. They are all located in Manhattan.

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