Murphy & McManus affiliate signs $245M refi with Nordic Trustee for medical in East Harlem

An affiliate of Murphy & McManus, the entity MM Proton I, LLC as borrower signed a refi loan managed by Nordic Trustee valued at $245 million for the New York Proton Center building (I9) at 225 East 126th Street in East Harlem, Manhattan.
The deal closed on October 10, 2025 and was recorded on November 3, 2025. The prior lender was Nomura Holdings which held debt that had an original loan amount of $150 million.The property has 139,333 square feet of built space and 244,084 square feet of additional air rights for a total buildable of 383,196 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,758 and the price per buildable square foot is $639 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 the Murphy & McManus entity was Robert F. Murphy Jr.. The signatory for Nordic Trustee was Vivian Trosch.

The property

The specialty building in East Harlem has 139,333 square feet of built space and 244,084 square feet of additional air rights for a total buildable of 383,196 square feet according to a PincusCo analysis of city data. The parcel has frontage of 255 feet and is 199 feet deep with a total lot size of 50,957 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $125.1 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 two DOB violations and $250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 20, 2018. 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 East Harlem, The majority, or 51 percent of the 52.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.6 times the average sales volume among other neighborhoods with $471 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Harlem has 1.8 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 139,333 square feet of the 153,583 square feet. The two identified owners are New York Proton Center and Nyc Department Of Housing Preservation And Development.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 153,583 square feet of built space are specialty buildings, with industrial buildings next occupying 9 percent of the space.

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