GPS Realty NYC signs $6.5M refi for 2 walkups in Murray Hill

GPS Realty NYC through the entity Mmj 36 Realty LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $6.5 million for two residential walkup properties with 29 residential units including the 18-unit walkup (C4) at 216 East 36th Street and the 11-unit walkup (C1) at 218 East 36th Street, both in Murray Hill, Manhattan.
The deal closed on May 15, 2025 and was recorded on May 23, 2025. The prior lender was Webster Bank which held debt that had an original loan amount of $7.6 million. The two properties have 14,090 square feet of built space and 4,631 square feet of additional air rights for a total buildable of 18,720 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $464 and the price per buildable square foot is $349 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 GPS Realty NYC was Steven Oved . The signatory for JPMorgan Chase was Ursula Flores.

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 218 East 36th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Steven Oved, head officer and Aaron Hoffman, officer. The business entity is Mmj 36 Realty Llc. The two properties with a total of 14,090 square feet of built space generated revenue of $892,752 per year or $63 per square foot.

The property

The residential walkup buildings with 11 residential units in Murray Hill has 14,090 square feet of built space and 4,631 square feet of additional air rights for a total buildable of 18,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 98 feet deep with a total lot size of 1,975 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 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 $1,000 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 218 East 36th Street, PincusCo has identified the owners of 12 of the 22 commercial properties representing 269,125 square feet of the 353,850 square feet. The largest owner is BLDG Management, followed by Thomas Fan and then Behrooz Robert Farhadian.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 353,850 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that GPS Realty NYC owned at least eight commercial properties with 104 residential units in New York City with 74,679 square feet and a city-determined market value of $20.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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