Stonehenge NYC signs $33.2M refi with Chase for 96-unit rental in Grand Central

Stonehenge NYC through the entity SP 20 Park LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $33.2 million for the 96-unit residential elevator building (D7) at 20 Park Avenue in Grand Central, Manhattan.
The deal closed on April 9, 2026 and was recorded on April 15, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $34.5 million.The property has 101,306 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $327 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 September 27, 2005, for $43.8 million. The signatory for Stonehenge NYC was Richard Cohen . The signatory for JPMorgan Chase was David Arza .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Richard Cohen, head officer and Adam Grushko, officer. The business entity is Sp 20 Park Llc. The 101,306-square-foot property generated revenue of $5.9 million or $58 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 96 residential units in Grand Central has 101,306 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 100 feet deep with a total lot size of 6,300 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $28.3 million. The property has 14 rent regulated units according to city tax records from 2024.

Transaction Participants

Stephen Schweiger at Troutman Pepper Locke LLP participated in the transaction on behalf of the lender.

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 two housing violations 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 seven of the 15 commercial properties representing 1,046,291 square feet of the 1,470,469 square feet. The largest owner is George Comfort & Sons, followed by Cammeby’s International Group and then Stonehenge NYC.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 45 percent of the space.

The borrower

The PincusCo database currently indicates that Stonehenge Nyc owned at least 27 commercial properties with 3,205 residential units in New York City with 3,385,567 square feet and a city-determined market value of $850.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 90 percent of the 3,385,567 square feet of built space are elevator properties, with condo properties next occupying 7 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 11 percent of the space.

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