Stonehenge signs $39.8M refi with Chase for 113-unit rental in Grand Central

Stonehenge NYC through the entity SP 41 Park LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $39.8 million for the 113-unit residential elevator building (D6) at 41 Park Avenue in Grand Central, Manhattan.
The deal closed on April 9, 2026 and was recorded on April 14, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $40.5 million.The property has 115,221 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $345 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 $51.5 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 41 Park Llc. The 115,221-square-foot property generated revenue of $6.6 million or $57 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 113 residential units in Grand Central has 115,221 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 105 feet deep with a total lot size of 10,368 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 $27.9 million. The property has 19 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 five housing violations, $50 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 14, 2016. 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 13 of the 31 commercial properties representing 229,976 square feet of the 327,700 square feet. The largest owner is Stonehenge Nyc, followed by Solil Management and then Scharfman Organization.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 327,700 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that stonehenge nyc owned at least 25 commercial properties with 3,054 residential units in New York City with 3,129,970 square feet and a city-determined market value of $771.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 3,129,970 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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