Kibel Companies signs $30M refi with Greystone for two properties in Penn Plaza

Kibel Companies through the entity Charlil Holding LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $30 million for two properties with 264 residential units including the 252-unit residential elevator building (D7) at 354 West 34th Street in Penn Plaza, Manhattan and 12-unit mixed-use building (K4) at 420 9th Avenue in Penn Plaza, Manhattan.
The deal closed on August 1, 2025 and was recorded on August 6, 2025. The prior lender was Series 2015-K51 which held debt that had an original loan amount of $24.9 million.The two properties have 320,398 square feet of built space and 46,975 square feet of additional air rights for a total buildable of 325,720 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $93 and the price per buildable square foot is $92 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 Kibel Companies which also uses the name Kibel Company, was Charles Kibel. The signatory for Greystone & Co. was Ann Sutton.

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 354 West 34th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Levenson, head officer and Alex Pilat, site manager. The business entities are Kibel Companies Llc and Charlil 34th Street Llc. The two properties with a total of 320,398 square feet of built space generated revenue of $16.5 million per year or $52 per square foot.

The property

The residential elevator building with 252 residential units in Penn Plaza has 320,398 square feet of built space and 46,975 square feet of additional air rights for a total buildable of 325,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 197 feet deep with a total lot size of 23,775 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $67.4 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 $4,030 in OATH penalties in the last year.

Development

For the tax lot buildings, two 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 354 West 34th Street, PincusCo has identified the owners of five of the seven commercial properties representing 1,933,853 square feet of the 2,254,251 square feet. The largest owner is Haymes Investment Company, followed by Sl Green Realty and then Arnold & Porter Kaye Scholer Registered.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 2.3 million square feet of built space are office buildings, with elevator buildings next occupying 37 percent of the space.

The borrower

The PincusCo database currently indicates that Kibel Companies owned at least one commercial property with 355 residential units in New York City with 366,200 square feet and a city-determined market value of $98.4 million. (Market value is typically about 50% of actual value.) The portfolio has $75 million in debt, borrowed from Morgan Stanley. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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