Namdar, Empire, and Mason Asset sign $172.4M refi for two office properties in Manhattan

Namdar Realty Group, Empire Capital Holdings, and Mason Asset Management through the entity 587 Fifth Nassim LLC as borrower signed a refi loan with lender Reznik Paz Nevo Trusts valued at $172.4 million for two office properties including the office building (O6) at 529 5th Avenue in Grand Central, Manhattan and office building (O6) at 587 5th Avenue in Midtown East, Manhattan.
The deal closed on January 21, 2026 and was recorded on January 29, 2026. The prior lender was Reznik Paz Nevo Trusts which held debt that had an original loan amount of $111.2 million. The two properties have 305,188 square feet of built space and 3,562 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $564 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 Namdar Realty Group , Empire Capital Holdings , and Mason Asset Management was Igal Namdar , Abraham Khalili, and Elliot Nassim . The signatory for Reznik Paz Nevo Trusts was Hillel Lazarus .

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 529 5th Avenue.

The property

The parcel has frontage of 96 feet and is 150 feet deep with a total lot size of 14,525 square feet. 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 $87.8 million.

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 $2,500 in ECB penalties and $20,900 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 5th 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 529 5th Avenue, PincusCo has identified the owners of four of the nine commercial properties representing 2,113,656 square feet of the 2,259,037 square feet. The largest owner is Barings, followed by Milstein Properties and then Savanna.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 2.3 million square feet of built space are office buildings, with hotel buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Namdar Realty Group owned at least 74 commercial properties with 741 residential units in New York City with 1,624,955 square feet and a city-determined market value of $392.6 million. (Market value is typically about 50% of actual value.) The portfolio has $72.6 million in debt, with top three lenders as Signature Bank, Ladder Capital, and 2651 Broadway Partners LLC respectively. Within the portfolio, the bulk, or 45 percent of the 1,624,955 square feet of built space are office properties, with walkup properties next occupying 26 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.
The PincusCo database currently indicates that Empire Capital Holdings owned at least six commercial properties in New York City with 995,101 square feet and a city-determined market value of $359 million. (Market value is typically about 50% of actual value.) The portfolio has $46.2 million in debt, with top three lenders as Alma Bank, Thorofare Capital, and Hakimian Partners respectively. Within the portfolio, the bulk, or 89 percent of the 995,101 square feet of built space are office properties, with mixed-use properties next occupying 8 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.
The PincusCo database currently indicates that Mason Asset Management owned at least one commercial property in New York City with 181,021 square feet and a city-determined market value of $49.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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