Larry Wohl signs $40M refi with Apple Bank for office in Grand Central

Larry Wohl through the entity Ronbet 40th Street LLC as borrower signed a refi loan with lender Apple Bank valued at $40 million for the office building (O4) at 10 East 40th Street in Grand Central, Manhattan.
The deal closed on April 4, 2025 and was recorded on April 10, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $20 million.The property has 442,042 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $90 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 Larry Wohl was Larry A. Wohl. The signatory for Apple Bank was Cynthia Wang.

Prior sales and revenue

The 442,042-square-foot property generated revenue of $19.5 million or $44 per square foot, according to the most recent income and expense figures.

The property

The office building in Grand Central has 442,042 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 197 feet deep with a total lot size of 14,714 square feet. The lot is irregular. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $86.7 million. The most recent loan totaled $20 million and was provided by First Republic Bank on November 25, 2019.

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 $6,250 in ECB penalties and $7,400 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 27, 2012. 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 Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 8th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 6.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There were four 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 four of the 13 commercial properties representing 1,476,829 square feet of the 2,373,376 square feet. The largest owner is Vornado Realty Trust, followed by Larry Wohl and then Abramson Brothers.
On the tax block, there was one new building construction project filed totaling 35,392 square feet. It is a 95-unit, 35,392 square-foot hotel/dormitory/shelter (R-1) building submitted by Arbalest Capital and filed by David Stein with plans filed December 10, 2014 and permitted March 29, 2017.

The majority, or 98 percent of the 2.4 million square feet of built space are office buildings, with hotel buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Larry Wohl owned at least four commercial properties in New York City with 768,891 square feet and a city-determined market value of $160.3 million. (Market value is typically about 50% of actual value.) The portfolio has $79.6 million in debt, with top three lenders as JPMorgan Chase, CUNA Mutual Group, and First Republic Bank respectively. Within the portfolio, all identified are office properties. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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