Gorjian Real Estate signs $14.7M refi with Chase for 50-unit rental in Hell’s Kitchen

Gorjian Real Estate Group through the entity GG West 57 Owner LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $14.7 million for the 50-unit residential elevator building (D1) at 425 West 57th Street in Hell’s Kitchen, Manhattan.
The deal closed on June 5, 2026 and was recorded on June 12, 2026. The prior lender was Prime Finance which held debt that had an original loan amount of $13.5 million.The property has 39,210 square feet of built space and 21,289 square feet of additional air rights for a total buildable of 60,452 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $373 and the price per buildable square foot is $242 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 September 9, 2024, for $16.5 million. The signatory for Gorjian Real Estate Group was Cobby Gorjian . The signatory for JPMorgan Chase was Ursula Flores .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Justin Gorjian , head officer and Yhosseline Hernandez, site manager. The business entity is Gg West 57 Owner, LLC.

The property

The residential elevator building with 50 residential units in Hell’s Kitchen has 39,210 square feet of built space and 21,289 square feet of additional air rights for a total buildable of 60,452 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,042 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.1 million. JPMorgan Chase on June 5, 2026 bought a loan with an original principal of $13.5 million from Prime Finance signed by Jon W. Brayshaw , secured by 425 West 57th Street, when owned by Gorjian Real Estate Group . The property has 14 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 $6,000 in ECB penalties, three housing violations, $150 in OATH penalties, and one housing litigation 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 eight of the 13 commercial properties representing 322,639 square feet of the 596,224 square feet. The largest owner is Joseph Punia , followed by Kamran Hakim and then Robert Miller .
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 596,224 square feet of built space are elevator buildings, with specialty buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Gorjian Real Estate Group owned at least 22 commercial properties with 266 residential units in New York City with 379,251 square feet and a PincusCo-determined asset value of $244.5 million. The portfolio has $20.1 million in debt, borrowed from Citibank and JPMorgan Chase. Within the portfolio, the bulk, or 37 percent of the 379,251 square feet of built space are walkup properties, with office properties next occupying 32 percent of the space.

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