SYU Properties signs $14M refi loan with ConnectOne for office in Penn Plaza

SYU Properties through the entity 247 West 30th Street Associates LLC as borrower signed a refi loan with lender ConnectOne Bank through the entity Connectone Bank valued at $14 million for the two-unit office building (O6) at 247 West 30th Street in Penn Plaza, Manhattan.
The deal closed on March 12, 2026 and was recorded on March 18, 2026. The prior lender was Lone Star Funds which held debt that had an original loan amount of $22.7 million.The property has 60,397 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $231 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 December 30, 2013, for $31.8 million. The signatory for SYU Properties was Simon Alishaev , who in these transaction documents spelled the name Elishaev. The signatory for ConnectOne Bank was Peter Meyer .

Prior sales, articles and revenue

The 60,397-square-foot property generated revenue of $2.4 million or $39 per square foot, according to the most recent income and expense figures.

The property

The office building with 2 residential units in Penn Plaza has 60,397 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 98 feet deep with a total lot size of 4,934 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $12.8 million. ConnectOne Bank on March 12, 2026 bought a loan with an original principal of $22.7 million from Lone Star Funds signed by Laura P. Sims , secured by 247 West 30th Street, when owned by SYU Properties .

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 $1,400 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 31, 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 neighborhood

In Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has 1.4 times the average sales volume among other neighborhoods with $450.9 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Penn Plaza has 2.4 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space. There were 31 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 18 commercial properties representing 512,452 square feet of the 1,026,542 square feet. The largest owner is Feil Organization, followed by Blackstone Group and then Syu Properties.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 1 million square feet of built space are office buildings, with industrial buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Syu Properties owned at least three commercial properties with two residential units in New York City with 149,050 square feet and a city-determined market value of $32.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 149,050 square feet of built space are specialty properties, with office properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Manhattan next at 41 percent of the space.

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