Slate signs $26.2M refi with Webster for 64-unit rental in Midtown East

Slate Property Group through the entity 123 East 54th Street Owner, LLC as borrower signed a refi loan with lender Webster Bank valued at $26.2 million for the 64-unit residential elevator building (D6) at 125 East 54th Street in Midtown East, Manhattan.
The deal closed on January 8, 2026 and was recorded on January 21, 2026. The prior lender was Customers Bank which held debt that had an original loan amount of $25.3 million.The property has 56,073 square feet of built space and 11,561 square feet of additional air rights for a total buildable of 67,610 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $467 and the price per buildable square foot is $387 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 November 9, 2022, for $37.7 million. The signatory for Slate Property Group was David Schwartz . The signatory for Webster Bank was Adam Brenner .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Daniel Hochberg, head officer and Rupen Maharjan, site manager. The business entity is 123 East 54th Street Owner, Llc. The 56,073-square-foot property generated revenue of $4.5 million or $81 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 64 residential units in Midtown East has 56,073 square feet of built space and 11,561 square feet of additional air rights for a total buildable of 67,610 square feet according to a PincusCo analysis of city data. The parcel has frontage of 67 feet and is 100 feet deep with a total lot size of 6,761 square feet. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $23.2 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 $1,000 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 block

On this tax block, PincusCo has identified the owners of 11 of the 20 commercial properties representing 1,465,314 square feet of the 1,627,839 square feet. The largest owner is Rithm Capital, followed by Rudin Management and then Mrp Realty.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Slate Property Group owned at least 71 commercial properties with 4,047 residential units in New York City with 3,983,064 square feet and a city-determined market value of $954.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as Mack Real Estate Group, JPMorgan Chase, and Apollo Global Management respectively. Within the portfolio, the bulk, or 64 percent of the 3,983,064 square feet of built space are elevator properties, with hotel properties next occupying 23 percent of the space. The bulk, or 63 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.

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