George Gellert signs $12.6M refi three walkups properties in Upper West Side

George Gellert through the entity Walber 82nd Street Associates, L.P. as borrower signed a refi loan with lender JPMorgan Chase valued at $12.6 million for three residential walkup properties with 32 residential units including the 12-unit residential walkup building (C1) at 76 West 82nd Street in Upper West Side, Manhattan, 12-unit residential walkup building (C1) at 78 West 82nd Street in Upper West Side, Manhattan, and eight-unit residential walkup building (C7) at 80 West 82nd Street in Upper West Side, Manhattan.
The deal closed on November 21, 2025 and was recorded on December 8, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $12.5 million. The three properties have 40,910 square feet of built space and 35,943 square feet of additional air rights for a total buildable of 76,831 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $307 and the price per buildable square foot is $163 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 George G. Gellert was George G. Gellert. Gellert is the chairman of the board of the industrial food company Gellert Global Group. The signatory for JPMorgan Chase was Jennifer Smith .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 80 West 82nd Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes William Favire, head officer and Glen Siegel, officer. The business entity is Walber 82nd Street Associates. The three properties with a total of 40,910 square feet of built space generated revenue of $2.3 million per year or $57 per square foot.

The property

The residential walkup building with 8 residential units in Upper West Side has 40,910 square feet of built space and 35,943 square feet of additional air rights for a total buildable of 76,831 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 102 feet deep with a total lot size of 3,065 square feet. The zoning is C1-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $5.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 11 housing violations and $2,530 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 the tax block of 80 West 82nd Street, PincusCo has identified the owners of 13 of the 15 commercial properties representing 333,620 square feet of the 343,357 square feet. The largest owner is Emmut Properties, followed by Rudin Management and then Abc Management.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 343,357 square feet of built space are hotel buildings, with elevator buildings next occupying 32 percent of the space.

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