Time Century Holdings signs $19.8M refi for landmarked Tin Pan Alley buildings in NoMad

Time Century Holdings through the entity 45 West 28th LLC as borrower signed a refi loan with lender Ellington Management Group through the entity Emg Transfer Agent LLC valued at $19.8 million for six properties with eight residential units including the two-unit retail building (O5) at 47 West 28th Street in NoMad, Manhattan, mixed-use building (K4) at 51 West 28th Street in NoMad, Manhattan, and two-unit mixed-use building (K4) at 45 West 28th Street in NoMad, Manhattan.

These buildings are city landmarks, part of what was known as Tin Pan Alley.
The deal closed on January 23, 2026 and was recorded on February 4, 2026. The prior lender was Wells Fargo which held debt that had an original loan amount of $21.3 million.The six properties have 39,204 square feet of built space and 74,687 square feet of additional air rights for a total buildable of 113,900 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $505 and the price per buildable square foot is $173 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 Time Century Holdings was Galit Levy-Deutsch . The signatory for Ellington Management Group was Katherine Meagher .

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 49 West 28th Street.

Prior sales, articles and revenue

The six properties with a total of 39,204 square feet of built space generated revenue of $2.4 million per year or $62 per square foot.

The property

The mixed-use buildings in NoMad have 39,204 square feet of built space and 74,687 square feet of additional air rights for a total buildable of 113,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 98 feet deep with a total lot size of 2,116 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $2.4 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 $22,855 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 neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.6 times the average sales volume among other neighborhoods with $520.2 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, NoMad has 1.9 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On the tax block of 49 West 28th Street, PincusCo has identified the owners of 10 of the 36 commercial properties representing 637,291 square feet of the 976,387 square feet. The largest owner is Solil Management, followed by Joginder Sharma and then Devli Real Estate.
On the tax block, there were two new building construction projects totaling 398,940 square feet. The largest is a 266-unit, 226,649 square-foot hotel/dormitory/shelter (R-1) building submitted by Flag Luxury Group and filed by Richard Murphy with plans filed January 20, 2016 and permitted April 23, 2018. The second largest is a 41-unit, 172,291 square-foot residential (R-2) building submitted by Boris Kuzinez and filed by Yoram Barel with plans filed September 23, 2016 and permitted April 18, 2024.

The majority, or 56 percent of the 976,387 square feet of built space are hotel buildings, with office buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Time Century Holdings owned at least two commercial properties with 11 residential units in New York City with 12,048 square feet and a city-determined market value of $8.9 million. (Market value is typically about 50% of actual value.) The portfolio has $11.7 million in debt, borrowed from Derby Copeland Capital. Within the portfolio, the bulk, or 59 percent of the 12,048 square feet of built space are walkup properties, with mixed-use properties next occupying 41 percent of the space. They are all located in Manhattan.

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