Moinian Group signs $310M refi for office in Grand Central, had been pre-foreclosure case

Moinian Group through the entity 535-545 Fee LLC as borrower signed a refi loan with lender Deutsche Bank and Societe Generale valued at $310 million for two office properties including the office building (O4) at 535 Fifth Avenue and the office building (O6) at 545 Fifth Avenue in Grand Central, Manhattan.
The deal closed on January 9, 2026 and was recorded on January 23, 2026. The prior lender was a trust, Series 2015-C24, originated by Morgan Stanley and serviced by LNR Partners which held debt that had an original loan amount of $310 million.

The two properties have 512,661 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $604 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 Deutsche Bank and Societe Generale was David Goodman , Stephen H. Choe, and Justin Cappuccino .

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 531 5th Avenue.

Prior sales, articles and revenue

The two properties with a total of 512,661 square feet of built space generated revenue of $39 million per year or $76 per square foot.

The property

The office building in Grand Central has 512,661 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 140 feet deep with a total lot size of 16,550 square feet. The lot is irregular. The zoning is C5-3 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 $120.4 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $310 million commercial foreclosure concerning a loan filed on July 9, 2025, by Series 2015-C24 and LNR Partners against Moinian Group and Joseph Moinian. In addition, according to city public data, the properties have received $7,725 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 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 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 531 5th Avenue, PincusCo has identified the owners of 11 of the 13 commercial properties representing 1,258,314 square feet of the 1,770,975 square feet. The largest owner is Rfr Holding, followed by Sl Green Realty and then Boston Properties.
On the tax block, there was one new building construction project filed totaling 750,400 square feet. It is a 750,400 square-foot business (B) building submitted by Elizabeth Reilly with plans filed August 5, 2022 and permitted October 2, 2025.

The majority, or 90 percent of the 1.8 million square feet of built space are office buildings, with retail buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Moinian Group owned at least 14 commercial properties with 1,287 residential units in New York City with 1,446,317 square feet and a city-determined market value of $446.3 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Deutsche Bank, Bank of China, and AIG respectively. Within the portfolio, the bulk, or 61 percent of the 1,446,317 square feet of built space are elevator properties, with office properties next occupying 29 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.

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