Global Holdings Management signs $249.1M refi for 404-unit rental in NoMad

Global Holdings Management Group through the entity 10 East 29th Street Associates LLC as borrower signed a refi loan with lender Wells Fargo valued at $249.1 million for the 404-unit residential elevator building (D8) at 10 East 29th Street, also known as 7 East 28th Street in NoMad, Manhattan.
The deal closed on July 28, 2025 and was recorded on July 30, 2025. The prior lender was Wells Fargo which held debt that had an original loan amount of $250 million.The property has 407,555 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $611 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 February 19, 2020, for $380.6 million. The signatory for Global Holdings Management Group was Peter Allen . The signatory for Wells Fargo was Erick Navarro .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Allen, head officer and Mukhtar Mayan, site manager. The business entity is 10 East 29 Street Associates Llc. The 407,555-square-foot property generated revenue of $31.7 million or $78 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 404 residential units in NoMad has 407,555 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 114 feet and is 197 feet deep with a total lot size of 21,181 square feet. The lot is irregular. The zoning is C5-2 which allows for up to 10 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 $152.2 million. The most recent loan totaled $250 million and was provided by Wells Fargo on February 19, 2020. The property has 4 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 one housing violation and $1,085 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 3, 2020. 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 seven of the 16 commercial properties representing 1,152,802 square feet of the 1,764,078 square feet. The largest owner is Global Holdings Management Group, followed by Feil Organization and then Nuverse Advisors.
On the tax block, there was one new building construction project filed totaling 169,210 square feet. It is a 123-unit, 169,210 square-foot residential (R-2) building submitted by Rockefeller Group and filed by John Pierce with plans filed January 30, 2018 and permitted June 6, 2018.

The majority, or 58 percent of the 1.8 million square feet of built space are office buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Global Holdings Management Group owned at least six commercial properties with 583 residential units in New York City with 1,467,086 square feet and a city-determined market value of $555.2 million. (Market value is typically about 50% of actual value.) The portfolio has $936.7 million in debt, with top three lenders as Wells Fargo, Helaba, and Global Holdings Management Group respectively. Within the portfolio, the bulk, or 61 percent of the 1,467,086 square feet of built space are office properties, with elevator properties next occupying 31 percent of the space. They are all located in Manhattan.

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