Stuart, Jay Podolsky get $60M refi with Webster Bank for six residential rentals in Lincoln Square

Stuart Podolsky and Jay Podolsky through the entity 63 West L.L.C. as borrower signed a refi loan with lender Webster Bank valued at $60 million for six residential elevator properties with 376 residential units including the 96-unit residential elevator building (D1) at 236-240 West 64th Street in Lincoln Square, Manhattan, 96-unit residential elevator building (D3) at 242-248 West 64th Street in Lincoln Square, Manhattan, and 47-unit residential elevator building (D5) at 247 West 63rd Street in Lincoln Square, Manhattan.
The deal closed on October 27, 2025 and was recorded on October 29, 2025. The prior lender was Capital One which held debt that had an original loan amount of $60 million.The six properties have 190,164 square feet of built space and 51,615 square feet of additional air rights for a total buildable of 241,811 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $315 and the price per buildable square foot is $248 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 signatory for Stuart Podolsky and Jay Podolsky was Shirley Podolsky. The signatory for Webster Bank was Anthony Viskovich.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 236-240 West 64th Street.

Prior sales and revenue

The six properties with a total of 190,164 square feet of built space generated revenue of $12.3 million per year or $65 per square foot.

The property

The residential elevator building with 96 residential units in Lincoln Square has 190,164 square feet of built space and 51,615 square feet of additional air rights for a total buildable of 241,811 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,042 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,250 in ECB penalties, 18 housing violations, and $1,900 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 the tax block of 236-240 West 64th Street, PincusCo has identified the owners of two of the eight commercial properties representing 900,805 square feet of the 1,090,969 square feet. The two identified owners are New York City Housing Authority and Kushner Companies.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 1.1 million square feet of built space are elevator buildings, with specialty buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Stuart Podolsky owned at least two commercial properties in New York City with 350,249 square feet and a city-determined market value of $77.9 million. (Market value is typically about 50% of actual value.) The portfolio has $50 million in debt, borrowed from Signature Bank. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.
The PincusCo database currently indicates that Jay Podolsky owned at least one commercial property in New York City with 217,283 square feet and a city-determined market value of $50.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

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