Moinian Group signs $240M loan at new 250-unit rental in FiDi

Moinian Group through the entity 102-110 John Mazal LLC as borrower signed a refi loan with lender Acore Capital through the entity ACP III REIT JPM, LLC valued at $240 million for the 250-unit residential elevator building (D8) at 110 John Street in Financial District, Manhattan.

On the lot, there was a new building construction project, 121188053, for a 250-unit, 213,017 square-foot residential (R-2) building. The project was submitted by Moinian Group and filed by Aron Kirsch with plans filed March 27, 2018 and permitted August 25, 2023. The city issued an initial certificate of occupancy in January 2026.
The deal closed on June 1, 2026 and was recorded on June 8, 2026. The prior lender was BDT & MSD Partners which held debt that had an original loan amount of $169 million. The property has 235,688 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,018 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 Moinian Group was Joseph Moinian . The signatory for Acore Capital was David Dancer .

The property

The residential elevator building with 250 residential units in Financial District has 235,688 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 124 feet deep with a total lot size of 14,258 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 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 $33.7 million. Acore Capital on June 1, 2026 bought a loan with an original principal of $169.0M from BDT & MSD Partners signed by Kenneth Gerold , secured by 110 John Street, when owned by Moinian Group .

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 $800 in ECB penalties and $3,800 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the seven commercial properties representing 1,450,858 square feet of the 1,453,619 square feet. The largest owner is TF Cornerstone , followed by Lam Group and then Silverstein Properties .
On the tax block, there was one new building construction project filed totaling 213,017 square feet. It is a 250-unit, 213,017 square-foot residential (R-2) building submitted by Moinian Group and filed by Aron Kirsch with plans filed March 27, 2018 and permitted August 25, 2023.

The majority, or 82 percent of the 1.5 million square feet of built space are elevator buildings, with hotel buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Moinian Group owned at least 19 commercial properties with 1,681 residential units in New York City with 3,188,872 square feet and a PincusCo-determined asset value of $2.3 billion. The portfolio has $2.1 billion in debt, with top three lenders as Deutsche Bank , Bank of China, and AIG respectively. Within the portfolio, the bulk, or 38 percent of the 3,188,872 square feet of built space are condo properties, with office properties next occupying 29 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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