Updated Jun 16, 2026
Joel J. Gorjian Secures $14.7 Million Refinance Loan From J.P. Morgan Chase For Multifamily Asset
425 West 57th Street
$14,700,000
$374/SF
Building Size
39,210 SF
Asset Type
MultiFamily
Closing
Jun 5, 2026
About this deal
AI
The asset involved in this transaction is a multifamily building located at 425 West 57th Street in Hell’s Kitchen, Manhattan. It encompasses a total square footage of 39,210 and consists of 50 residential units. The refinancing transaction amounts to $14,700,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,700,000
- Address: 425 West 57th Street
- Market: Hell’s Kitchen, Manhattan
- Lender: J.P. Morgan Chase
- Landlord: Joel J. Gorjian - Gorjian Real Estate Group
- Loan Type: Refinance
- Units: 50
- Square Footage: 39,210
The refinancing was facilitated by Joel J. Gorjian, representing Gorjian Real Estate Group through GG West 57 Owner LLC. The deal was closed on June 5, 2026, and recorded on June 12, 2026.
On the Map
$14,700,000
$374/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.08%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93