Goldfarb family signs $156.6M refi with M&T for 284-unit rental in Hell’s Kitchen

The Goldfarb family-affiliated entity, Park Towers South Company LLC as borrower signed a refi loan with lender M&T Bank through the entity M&T Realty Capital Corporation valued at $156.6 million for the 284-unit residential elevator building (D6) at 315 West 57th Street in Hell’s Kitchen, Manhattan. The building was constructed in 1965.
The deal closed on December 30, 2025 and was recorded on January 6, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $127.6 million. The property has 396,834 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $394 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 Philip Goldfarb was Joshua Goldfarb. The signatory for M&T Bank was Wendy LeBlanc.

A predecessor to the owner entity Park Towers South Company LLC, Park Towers South Company Co. has had an ownership stake in the building since at least 1977, and the Goldfarb family has been a signatory on documents since at least 1982.

Philip Goldfarb is the son of David Goldfarb. David along with brothers Samuel and Saul founded a real estate business that owned properties, including this one which the family continues to own.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Philip Goldfarb, head officer and Marc Goldfarb, officer. The business entities are Pelican Management, Inc. and Park Towers South Company, Llc. The 396,834-square-foot property generated revenue of $26.3 million or $66 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 284 residential units in Hell’s Kitchen has 396,834 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 200 feet deep with a total lot size of 30,625 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 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 $121.6 million. The property has 39 rent regulated units according to city tax records from 2024.

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 one housing violation and $1,635 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 block

On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 539,679 square feet of the 706,466 square feet. The largest owner is Philip Goldfarb, followed by Bronstein Properties and then Sixty Hotels.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 706,466 square feet of built space are elevator buildings, with office buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Philip Goldfarb owned at least 18 commercial properties with 2,959 residential units in New York City with 3,099,108 square feet and a city-determined market value of $357.6 million. (Market value is typically about 50% of actual value.) The portfolio has $519.7 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 90 percent of the 3,099,108 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 46 percent of the built space, is in Queens, with Bronx next at 38 percent of the space.

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