MRR Development signs $200M refi with Bank Hapoalim for two properties in Midtown East

MRR Development through the entity Mrr 1326 LLC as borrower signed a refi loan with lender Bank Hapoalim through the entity Bank Hapoalim B.M. valued at $200 million for the 145-unit residential elevator building (D6) at 126 East 57th Street in Midtown East, Manhattan, and a small office building that is adjacent, at 127 East 56th Street.
The deal closed on June 2, 2026 and was recorded on June 18, 2026. The prior lender was Bank OZK which held debt that had an original loan amount of $170 million. The two properties have 205,102 square feet of built space and 9,517 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $975 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 MRR Development was Rotem Rosen . This is a $200 million loan composed of $30 million in additional construction debt, mostly a project mortgage, on top of existing $170 million construction loan originated by Bank OZK.

Prior sales, articles and revenue

The Real Deal reported on June 03, 2026 that MRR Development borrowed $200 million from BHI for 126 East 57th Street, New York, NY.

The property

The residential elevator building with 145 residential units in Midtown East has 205,102 square feet of built space and 9,517 square feet of additional air rights according to a PincusCo analysis of city data. 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 $16.1 million. Bank Hapoalim on June 2, 2026 bought a loan with an original principal of $170 million from Bank OZK signed by Josh Faseler, secured by 126 East 57th Street and 127 East 56th Street, when owned by MRR Development .

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 $26,780 in ECB penalties and $26,780 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. On one of the tax lots, the most recent condominium plan was filed by MRR 1326 LLC to create 145 residential units and 2 commercial units in a building at 126 East 57th Street in Midtown East, Manhattan, called Malabar Residencesthat has a $259.8 million sellout, according to an August 22, 2024 submission to the New York State Attorney General. The principals of the sponsor, MRR 1326 LLC, were Yizhaq Hajaj, Anand Mahindra, and Rotem Rosen.

The block

On the tax block of 126 East 57th Street, PincusCo has identified the owners of 20 of the 33 commercial properties representing 569,856 square feet of the 1,767,140 square feet. The largest owner is Spitzer, followed by Apple Hotel Reit and then BLDG Management .
On the tax block, there were two new building construction projects totaling 285,185 square feet. The largest is a 145-unit, 174,532 square-foot residential (R-2) building submitted by Rony Attia with plans filed August 20, 2021 and permitted December 29, 2022. The second largest is a 151-unit, 110,653 square-foot institutional (I-2) building submitted by Hines and filed by Sarah Hawkins with plans filed March 2, 2017 and permitted June 5, 2018.

The majority, or 49 percent of the 1.8 million square feet of built space are office buildings, with hotel buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Mrr Development owned at least 12 commercial properties with 156 residential units in New York City with 38,331 square feet and a PincusCo-determined asset value of $166 million. Within the portfolio, the bulk, or 39 percent of the 38,331 square feet of built space are retail properties, with office properties next occupying 27 percent of the space.

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