Global Holdings Management signs $28M refi with Chase for 56-unit rental in Gramercy

Global Holdings Management Group through the entity GH 51 Irving LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $28 million for the 56-unit residential elevator building (D6) at 51 Irving Place in Gramercy, Manhattan.
The deal closed on February 12, 2026 and was recorded on February 27, 2026. The prior lender was Citibank which held debt that had an original loan amount of $23 million.The property has 42,476 square feet of built space and 5,056 square feet of additional air rights for a total buildable of 47,558 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $659 and the price per buildable square foot is $588 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 Global Holdings Management Group was Peter Allen . The signatory for JPMorgan Chase was Erik Bertin .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Allen, head officer and James Martorana, site manager. The business entities are Grep Atlantic Llc and Gh 51 Irving Llc.

The property

The residential elevator building with 56 residential units in Gramercy has 42,476 square feet of built space and 5,056 square feet of additional air rights for a total buildable of 47,558 square feet according to a PincusCo analysis of city data. The parcel has frontage of 79 feet and is 100 feet deep with a total lot size of 7,900 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $15 million. JPMorgan Chase on February 12, 2026 bought a loan with an original principal of $23.0M from Citibank signed by Sabin Popescu , secured by 51 Irving Place, when owned by Global Holdings Management Group . The property has 9 rent regulated units according to city tax records from 2024.

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 DOB violation, $10,000 in ECB penalties, and $12,600 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 17 commercial properties representing 830,478 square feet of the 892,192 square feet. The largest owner is Dever Properties, followed by Marriott International and then Siba Residences.
There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 892,192 square feet of built space are elevator buildings, with office buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Global Holdings Management Group owned at least eight commercial properties with 583 residential units in New York City with 2,701,261 square feet and a city-determined market value of $1.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Wells Fargo, Helaba, and Global Holdings Management Group respectively. Within the portfolio, the bulk, or 79 percent of the 2,701,261 square feet of built space are office properties, with elevator properties next occupying 17 percent of the space. They are all located in Manhattan.

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