October auction set for 34th Street retail across from Macy’s with $24M judgment
136-138 West 34th Street (Credit - Cyclomedia)
A court-appointed referee set an auction of October 1, 2025, to sell 136 and 138 West 34th Street, two retail properties in Penn Plaza across from Macy’s, that have an approximate judgment of $24.98 million, according to a notice of sale. The Dushey family’s Jenel Real Estate (which also uses the name Jenel Management) owns the buildings.
LNR Partners as special servicer for a commercial mortgage-backed security, Series 2014-GC19, filed a $30 million pre-foreclosure action on May 13, 2024, in New York State Supreme Court in Manhattan, seeking the foreclosure sale. Jenel Real Estate through the entity 136 West 34th St. Associates bought the two buildings from Alexander DiLorenzo III (the son of Alexander DiLorenzo Jr., former partner of Sol Goldman) in 1992 for $3.1 million, according to a PincusCo analysis of transfer tax payments.
Case 850158/2024 LINK
Even as this litigation is ongoing, Jenel Real Estate has been actively refinancing its New York City retail portfolio this year. In addition in at least one instance, at 140 West 34th Street, next door to the properties slated for auction, Jenel Real Estate bought back the debt that had an original principal of $17 million.
Latest Jenel Real Estate Stories:
• Jenel Real Estate signs $30M refi with Webster Bank for Ditmars Steinway retail (July 01, 2025)
• Jenel Real Estate signs $12.8M refi for mixed-use in Bushwick (March 21, 2025)
• Jenel Management signs $45M refi for newly built retail in Ditmars Steinway (November 20, 2024)
The retail building at 136 West 34th Street in Penn Plaza has 3,845 square feet of built space and 20,838 square feet of additional air rights for a total buildable of 24,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. The zoning is C6-6 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 $21.6 million.
The mixed-use building at 138 West 34th Street in Penn Plaza has 12,270 square feet of built space and 12,419 square feet of additional air rights for a total buildable of 24,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. The zoning is C6-6 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 $16 million.
Direct link to the property’s 136 West 34th Street ACRIS page
Direct link to the property’s 138 West 34th Street ACRIS page