Midwood Investment & Development signs $13.2M refi for mixed-use in Lenox Hill

Midwood Investment & Development through the entity 829 Madison We Tic Owner LLC as borrower signed a refi loan with lender Valley National Bank valued at $13.2 million for the mixed-use building (K4) at 829 Madison Avenue in Lenox Hill, Manhattan.
The deal closed on December 2, 2025 and was recorded on December 9, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $11 million. The property has 8,505 square feet of built space and 11,745 square feet of additional air rights for a total buildable of 20,250 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,557 and the price per buildable square foot is $654 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 owner bought the property on January 28, 2022, for $17 million. The signatory for Midwood Investment & Development was John Usdan . The signatory for Valley National Bank was Alfred Sorrentino.

Prior sales and revenue

The 8,505-square-foot property generated revenue of $1.1 million or $131 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Lenox Hill has 8,505 square feet of built space and 11,745 square feet of additional air rights for a total buildable of 20,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 75 feet deep with a total lot size of 2,025 square feet. The zoning is C5-1 which allows for up to 4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $7.3 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 $25 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 Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.5 billion in sales volume in the last two years. For development, Lenox Hill has 1.5 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 59,436 square feet of the 148,373 square feet. The largest owner is Akris, followed by Midwood Investment & Development and then Norbert Gleicher.
There are no active new building construction projects on this tax block.

The majority, or 25 percent of the 148,373 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Midwood Investment & Development owned at least four commercial properties with 159 residential units in New York City with 216,639 square feet and a city-determined market value of $63.3 million. (Market value is typically about 50% of actual value.) The portfolio has $102.7 million in debt, with top three lenders as MetLife, Valley National Bank, and Woodmen of the World Life Insurance Society respectively. Within the portfolio, the bulk, or 66 percent of the 216,639 square feet of built space are elevator properties, with retail properties next occupying 22 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

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