JEMB Realty signs $275M loan extension with Corebridge in Penn Plaza

JEMB Realty through the entity Herald Towers, LLC as borrower signed a refi loan with lender Corebridge Financial through the entity American General Life Insurance Company valued at $275 million for two properties with 690 residential units including the 690-unit rental and retail condos at 50 West 34th Street in Penn Plaza, Manhattan.
The deal closed on August 18, 2025 and was recorded on September 2, 2025. The prior lender was Corebridge Financial which held debt that had an original loan amount of $275 million.The two properties have 841,835 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $326 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 JEMB Realty was Joseph L. Jerome . The signatory for Corebridge Financial was Michael Medvin . This is a refinance of a loan originated in 2013 for $275 million.

The property

The rental condo with 690 residential units in Penn Station has 841,835 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 710,420 square feet. The city-designated market value for the property in 2022 is $198.8 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 not received any significant violations 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 the tax block of 50 West 34th Street, PincusCo has identified the owners of six of the 10 commercial properties representing 2,945,683 square feet of the 3,159,569 square feet. The largest owner is Empire State Realty Trust, followed by Sol Goldman Investments and then Wharton Properties.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 3.2 million square feet of built space are office buildings, with elevator buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Jemb Realty owned at least three commercial properties with 375 residential units in New York City with 285,412 square feet and a city-determined market value of $157.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 285,412 square feet of built space are specialty properties, with M1 properties next occupying 9 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.

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