Justin Management signs $63.2M refi with Chase for two properties in Penn Plaza

Justin Management through the entity 1239 Operating LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $63.2 million for two properties including the office building (O6) at 856 Sixth Avenue and the retail (K4) building at 864 Sixth Avenue in Penn Plaza, Manhattan.
The deal closed on May 21, 2026 and was recorded on June 3, 2026. The prior lender was First Republic Bank which held debt that had an original loan amount of $65 million provided in 2013 and 2019. The two properties have 193,000 square feet of built space and 151,540 square feet of additional air rights for a total buildable of 344,525 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $327 and the price per buildable square foot is $183 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 signatories for Justin Management were Jeffrey Justin and David Justin . The signatory for JPMorgan Chase was Ursula Flores .

Prior sales, articles and revenue

Out of the two properties, one with a total of 193,000 square feet of built space generated revenue of $9.7 million per year.

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 $4,550 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 Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has 1.3 times the average sales volume among other neighborhoods with $450.9 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Penn Plaza has 2.6 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were 108 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 856 Sixth Avenue, PincusCo has identified the owners of 10 of the 23 commercial properties representing 646,080 square feet of the 1,121,454 square feet. The largest owner is Corem Property Group, followed by Mcsam Hotel Group and then Sma Equities.
On the tax block, there were two new building construction projects totaling 209,617 square feet. The largest is a 140,834 square-foot business (B) building submitted by GDSNY and filed by Michael Kirchmann with plans filed August 7, 2018 and permitted February 13, 2019. The second largest is a 182-unit, 68,783 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed February 11, 2014 and permitted January 11, 2019.

The majority, or 65 percent of the 1.1 million square feet of built space are office buildings, with hotel buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Justin Management owned at least six commercial properties with 21 residential units in New York City with 484,816 square feet and a PincusCo-determined asset value of $110.7 million. The portfolio has $82.4 million in debt, with top three lenders as Metropolitan Commercial Bank, First Republic Bank, and Apple Bank for Savings respectively. Within the portfolio, the bulk, or 94 percent of the 484,816 square feet of built space are office properties, with walkup properties next occupying 4 percent of the space. The bulk, or 94 percent of the built space, is in Manhattan, with Brooklyn next at 5 percent of the space.

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