Stonehenge signs $54M refi with Chase for 115-unit rental in Greenwich Village

Stonehenge NYC through the entity SP 10 Downing LLC as borrower signed a refi loan with lender JPMorgan Chase through the entity Jpmorgan Chase Bank, N.A. valued at $54 million for the 115-unit residential elevator building (D9) at 10 Downing Street in Greenwich Village, 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 $57.3 million.The property has 118,467 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $455 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 $47.1 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 10 Downing Llc. The 118,467-square-foot property generated revenue of $7.8 million or $66 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 115 residential units in Greenwich Village has 118,467 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 157 feet and is 284 feet deep with a total lot size of 23,250 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District Extension II. The city-designated market value for the property in 2022 is $33.6 million. The property has 21 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 David Arza .

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 2012. 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 24 commercial properties representing 201,948 square feet of the 315,100 square feet. The largest owner is Stonehenge Nyc, followed by Force Capital Management and then Amir Chaluts.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 315,100 square feet of built space are walkup buildings, with elevator buildings next occupying 38 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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