OKO Group signs $115M refi with Chase for hotel in Midtown West

OKO Group through the entity 730 Fifth Upper, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $115 million for the hotel condo at 730 Fifth Avenue in Midtown West, Manhattan.
The deal closed on July 7, 2025 and was recorded on July 29, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of approximately $78 million. The property has 159,952 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $718 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 Oko Group was Jason Jacobson . The signatory for JPMorgan Chase was Jessica Wong .

The property

The hotel condo in Midtown West has 159,952 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 159,952 square feet. The city-designated market value for the property in 2022 is $270.4 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $631,031 money judgment concerning a hotel filed on July 1, 2025, by OKO Group and Vladislav Doronin against Mzi Godfrey Khumalo and Namib Minerals. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 14, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 730 FIFTH UPPER, LLC to create 26 residential units in a building at 730 Fifth Avenue in Midtown West, Manhattan, called Aman New York Residences that has a $892.6 million sellout, according to an November 16, 2016 submission to the New York State Attorney General. The principal of the sponsor, 730 FIFTH UPPER, LLC, was Ahmet Oktay Cini.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 34.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 45 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 23 commercial properties representing 1,113,506 square feet of the 1,557,159 square feet. The largest owner is Lefrak, followed by Prada and then Soloviev Group.
On the tax block, there was one new building construction project filed totaling 383,134 square feet. It is a 80-unit, 383,134 square-foot residential (R-2) building submitted by Solow Realty & Development and filed by Anthony Calicchio with plans filed April 17, 2018 and it has not been permitted yet.

The majority, or 69 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 19 percent of the space.

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