17 East 38 Street

Acquired: December 10, 2025, $211.2 million

Debt: December 10, 2025, $200.6 million

Transactions:

• AmTrust Realty borrowed $200.6 million from Tel Aviv Stock Exchange bondholders for 260 Madison Avenue, Grand Central, Manhattan on December 10, 2025.

• Sapir Organization sold 260 Madison Avenue, Grand Central, Manhattan for $211.2 million to AmTrust Realty on December 10, 2025.

• Sapir Organization borrowed $200 million from JPMorgan Chase for 260 Madison Avenue and 261 Madison Avenue, Grand Central, Manhattan on December 15, 2022.

Development:

• Eli Joseb filed major alteration job 122417474 for 531,270 sqft F-1 building in Grand Central, Manhattan, on May 29, 2015.

• Paz Kaspi filed major alteration job 121125950 for 29,130 sqft E building with 0 apartments in Grand Central, Manhattan, on June 22, 2012.

• Erik Tanner filed alteration job M01387670 for 82,843 sqft COM building with 0 apartments in Grand Central, Manhattan, on May 07, 2026.

• Erik Tanner filed alteration job M01385767 for 49,832 sqft COM building with 0 apartments in Grand Central, Manhattan, on May 07, 2026.

• Erik Tanner filed alteration job M01385716 for 33,011 sqft COM building with 0 apartments in Grand Central, Manhattan, on May 07, 2026.

• Erik Tanner filed alteration job M01390424 for building in Grand Central, Manhattan, on April 22, 2026.

• Erik Tanner filed alteration job M01366722 for 1,038 sqft COM building with 0 apartments in Grand Central, Manhattan, on March 27, 2026.

Violations:

According to city public data, the properties have received $9,735 in OATH penalties in the last year.

Latest Stories:

• AmTrust Realty pays $211.2M to Sapir Organization for office in Grand Central (December 11, 2025)

• Sapir Organization records $200M refi for two office properties in Grand Central, part of $326M debt package (December 16, 2022)