Torkian Group signs $37.1M refi with JPMorgan Chase for 104-unit rental in Garment District

Torkian Group through the entity 488 Seventh LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $37.1 million for the 104-unit residential elevator building (D6) at 488 Seventh Avenue in the Garment District, Manhattan.
The deal closed on June 17, 2025 and was recorded on June 30, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $37.5 million. The property has 88,872 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $418 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 February 5, 2009, for $45.3 million. The signatory for Torkian Group was Hersel Torkian . The signatory for JPMorgan Chase was Ursula Flores.

Prior sales 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 488 Seventh Llc. The 88,872-square-foot property generated revenue of $6.2 million or $70 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 104 residential units in Garment District has 88,872 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 80 feet deep with a total lot size of 7,900 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $29.5 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, two housing violations, and $10,050 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 this tax block, PincusCo has identified the owners of eight of the 15 commercial properties representing 2,243,632 square feet of the 2,386,056 square feet. The largest owner is George Comfort & Sons, followed by Gfp Real Estate and then Cayre Equities.
There are no active new building construction projects on this tax block.

The majority, or 94 percent of the 2.4 million square feet of built space are office buildings, with elevator buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Torkian Group owned at least 14 commercial properties with 323 residential units in New York City with 192,577 square feet and a city-determined market value of $107.3 million. (Market value is typically about 50% of actual value.) The portfolio has $264.7 million in debt, with top three lenders as Valley National Bank, Bank Leumi, and New York Community Bank respectively. Within the portfolio, the bulk, or 63 percent of the 192,577 square feet of built space are elevator properties, with mixed-use properties next occupying 27 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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