HJ Development signs $17.2M refi Wells Fargo for office in Garment District

Henry Justin’s HJ Development through the entity 35th St Owners Corp. as borrower signed a refi loan with lender Wells Fargo valued at $17.2 million for the office building (O6) at 261 West 35th Street in Garment District, Manhattan.
The deal closed on September 18, 2025 and was recorded on September 22, 2025. The prior lender was Wells Fargo which held debt that had an original loan amount of $20 million.The property has 114,368 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $150 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 HJ Development was Henry Justin .

The property

The office building in Garment District has 114,368 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 98 feet deep with a total lot size of 7,505 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $14.6 million.

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 and $3,400 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 neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 18 commercial properties representing 878,416 square feet of the 1,612,007 square feet. The largest owner is Kaufman Organization, followed by Walter & Samuels and then Shel Capital.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 3 percent of the space.

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