Sapir Organization signs $60M refi with Mack for office in Grand Central

Sapir Organization through the entity 261 Madison Avenue LLC as borrower signed a refi loan with lender Mack Real Estate Group through the entity Mref Reit Lender 16 LLC valued at $60 million for the office building (O4) at 261 Madison Avenue in Grand Central, Manhattan.
The deal closed on December 5, 2025 and was recorded on December 11, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $100 million. The property has 383,934 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $156 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 owner bought the property on January 16, 2025, for $3.8 million. The signatory for Sapir Organization was Alex Sapir and Charles Hillock . The prior debt from JPMorgan Chase was $200 million covering twin buildings 260 and 261 Madison. Sapir sold 260 Madison Avenue, across the street, to AmTrust Realty for $211.2 million. The JPMorgan Chase loan was terminated for this property and the Mack loan is new debt with tax paid on all of it.

Prior sales and revenue

The 383,934-square-foot property generated revenue of $20.9 million or $55 per square foot, according to the most recent income and expense figures.

The property

The office building in Grand Central has 383,934 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 197 feet and is 122 feet deep with a total lot size of 23,414 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. The city-designated market value for the property in 2022 is $110.3 million.

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 $1,250 in ECB penalties and $6,050 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 31, 2014. 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 Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were six 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 eight of the 20 commercial properties representing 1,188,113 square feet of the 1,503,905 square feet. The largest owner is Amtrust Realty, followed by Sapir Organization and then Mcsam Hotel Group.
There are no active new building construction projects on this tax block.

The majority, or 85 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Sapir Organization owned at least two commercial properties in New York City with 505,099 square feet and a city-determined market value of $158.4 million. (Market value is typically about 50% of actual value.) The portfolio has $290.1 million in debt, borrowed from JPMorgan Chase and Tel Aviv Stock Exchange bondholders. Within the portfolio, the bulk, or 76 percent of the 505,099 square feet of built space are office properties, with hotel properties next occupying 24 percent of the space. They are all located in Manhattan.

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