Friedland Properties signs $12.5M refi loan with M&T for retail in Lenox Hill
Friedland Properties through the entity 23 South Moger LLC as borrower signed a refi loan with lender M&T Bank valued at $12.5 million for the retail building (K4) at 909 Madison Avenue in Lenox Hill, Manhattan.
The deal closed on December 4, 2025 and was recorded on December 10, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $16.3 million.The property has 8,205 square feet of built space and 8,811 square feet of additional air rights for a total buildable of 17,010 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,526 and the price per buildable square foot is $736 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 owner bought the property on October 1, 2006, for $1.6 million. The signatory for Friedland Properties was William Friedland .
Prior sales and revenue
The 8,205-square-foot property generated revenue of $2.6 million or $311 per square foot, according to the most recent income and expense figures.
The property
The retail building in Lenox Hill has 8,205 square feet of built space and 8,811 square feet of additional air rights for a total buildable of 17,010 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 63 feet deep with a total lot size of 1,701 square feet. The zoning is C5-1 which allows for up to 4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $17.6 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 $1,050 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on July 27, 2023. 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 Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.5 billion in sales volume in the last two years. For development, Lenox Hill has 1.5 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 96,221 square feet of the 199,118 square feet. The largest owner is Stahl Real Estate Company, followed by Pinkhart Trust and then Steven Gautier-Winther.
There are no active new building construction projects on this tax block.
The majority, or 37 percent of the 199,118 square feet of built space are elevator buildings, with retail buildings next occupying 17 percent of the space.
The borrower
The PincusCo database currently indicates that Friedland Properties owned at least 14 commercial properties with 503 residential units in New York City with 672,320 square feet and a city-determined market value of $311.5 million. (Market value is typically about 50% of actual value.) The portfolio has $213.9 million in debt, with top three lenders as NYS Housing Finance Agency, M&T Bank, and Cathay Bank respectively. Within the portfolio, the bulk, or 83 percent of the 672,320 square feet of built space are elevator properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Manhattan.
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