Oestreicher, Midwood, Marx Realty sign $71.6M refi with AmFirst for office in Midtown East

Oestreicher Properties, Midwood Investment & Management, and Marx Realty through the entity Park 430 Operating Company LLC as borrower signed a refi loan with lender AmFirst Life Insurance Company valued at $71.6 million for the office building (O6) at 430 Park Avenue in Midtown East, Manhattan.
The deal closed on February 9, 2026 and was recorded on February 20, 2026. The prior lender was Valley National Bank which held debt that had an original loan amount of $31 million. The property has 233,115 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $307 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 signatories for Oestreicher Properties , Midwood Investment & Management, and Marx Realty were Robert Shapiro and John Usdan . The signatory for AmFirst Life Insurance Company was Eric Vaughn .

Prior sales, articles and revenue

The 233,115-square-foot property generated revenue of $26.9 million or $115 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown East has 233,115 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 66 feet deep with a total lot size of 14,225 square feet. The lot is irregular. 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. AmFirst Life Insurance Company on February 9, 2026 bought a loan with an original principal of $31 million from Valley National Bank signed by Oren Sapirstein .

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 $3,000 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.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Midtown East is the 4th most active neighborhood among other neighborhoods. It had 17.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 1,946,349 square feet of the 2,316,136 square feet. The largest owner is Hessen Lawyers Pension Fund, followed by Olayan Group and then Sl Green Realty.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 2.3 million square feet of built space are office buildings, with mixed-use buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Marx Realty owned at least one commercial property in New York City with 359,326 square feet and a city-determined market value of $103.5 million. (Market value is typically about 50% of actual value.) The portfolio has $26.1 million in debt, borrowed from MetLife. The portfolio consists of at least a single office property. It is located in Manhattan.
The PincusCo database currently indicates that Oestreicher Properties owned at least one commercial property in New York City with 233,115 square feet and a city-determined market value of $130 million. (Market value is typically about 50% of actual value.) The portfolio has $31 million in debt, borrowed from Bank Leumi. The portfolio consists of at least a single office property. It is located in Manhattan.

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