Torkian Group signs $190M refi with Barings for 128-unit rental in Yorkville

Torkian Group through the entity 83 Owners LLC as borrower signed a refi loan with lender Barings through the entity Barings LLC valued at $190 million for the 128-unit residential elevator building (D8) at 1597 Second Avenue in Yorkville, Manhattan.
The deal closed on February 5, 2026 and was recorded on February 11, 2026. The prior lender was Valley National Bank which held debt that had an original loan amount of $145 million.The property has 215,608 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $881 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 October 7, 2005, for $8 million. The signatory for Torkian Group was Hersel Torkian . The signatory for Barings was Anthony Soldi .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Hersel Torkian, head officer and Behrooz Torkian, officer. The business entity is 83 Owners Llc. The 215,608-square-foot property generated revenue of $13.6 million or $63 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 128 residential units in Yorkville has 215,608 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 101 feet deep with a total lot size of 10,386 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.2 million.

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 one DOB violation and $13,630 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, M00547165, for a 128-unit, 120,969 square-foot residential R-2 building. The project was submitted by Torkian Group and filed by Annie Xiao with plans filed July 16, 2021 and permitted December 5, 2023.

The block

On this tax block, PincusCo has identified the owners of 16 of the 31 commercial properties representing 380,524 square feet of the 559,982 square feet. The largest owner is Naftali Group, followed by Torkian Group and then Croman Real Estate.
On the tax block, there were two new building construction projects totaling 329,850 square feet. The largest is a 86-unit, 208,881 square-foot residential (R-2) building submitted by Naftali Group and filed by Michael Witek with plans filed May 28, 2019 and permitted December 27, 2019. The second largest is a 106-unit, 120,969 square-foot residential (R-2) building submitted by Torkian Group and filed by Annie Xiao with plans filed July 16, 2021 and permitted April 12, 2022.

The majority, or 57 percent of the 559,982 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Torkian Group owned at least 15 commercial properties with 427 residential units in New York City with 281,449 square feet and a city-determined market value of $136 million. (Market value is typically about 50% of actual value.) The portfolio has $301.8 million in debt, with top three lenders as Valley National Bank, JPMorgan Chase, and Bank Leumi respectively. Within the portfolio, the bulk, or 74 percent of the 281,449 square feet of built space are elevator properties, with mixed-use properties next occupying 18 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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