Moinian Group signs $32.8M refi for four properties in Manhattan

Moinian Group through the entity 147 West 24th Owner LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank valued at $32.8 million for four properties with five residential units including the office building (O6) at 37 West 17th Street in Flatiron District, Manhattan, two-unit mixed-use building (K4) at 53 West 21st Street in Flatiron District, Manhattan, and three-unit office building (O6) at 29 West 17th Street in Flatiron District, Manhattan.
The deal closed on October 7, 2025 and was recorded on October 9, 2025. The prior lender was Morgan Stanley which held debt that had an original loan amount of $32.8 million.The four properties have 109,800 square feet of built space and 32,639 square feet of additional air rights for a total buildable of 140,440 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $298 and the price per buildable square foot is $233 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 Morgan Stanley was Kristin Sansone .

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 37 West 17th Street.

Prior sales and revenue

Out of the four properties, one with a total of 109,800 square feet of built space generated revenue of $1 million per year.

The property

The office building in Flatiron District has 109,800 square feet of built space and 32,639 square feet of additional air rights for a total buildable of 140,440 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 92 feet deep with a total lot size of 4,725 square feet. The lot is irregular. The zoning is C6-4A 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 property is in the Ladies’ Mile Historic District.

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 $625 in ECB penalties and $5,455 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the four 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 1.9 times the average sales volume among other neighborhoods with $555.3 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Flatiron District has 3.5 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 37 West 17th Street, PincusCo has identified the owners of 17 of the 23 commercial properties representing 1,021,836 square feet of the 1,197,867 square feet. The largest owner is Bromley Companies, followed by Hakimian Organization and then Adams & Company.
On the tax block, there were four new building construction projects totaling 80,014 square feet. The largest is a 13-unit, 23,384 square-foot residential (R-2) building submitted by Gary Vinbaytel with plans filed February 14, 2020 and permitted March 15, 2022. The second largest is a 12-unit, 22,358 square-foot residential (R-2) building submitted by Michael Schaffer with plans filed December 2, 2015 and it has not been permitted yet.

The majority, or 81 percent of the 1.2 million square feet of built space are office buildings, with elevator buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Moinian Group owned at least 15 commercial properties with 1,289 residential units in New York City with 1,971,190 square feet and a city-determined market value of $522.4 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 48 percent of the 1,971,190 square feet of built space are office properties, with elevator properties next occupying 45 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

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