The property asset involved in this transaction is a 56-unit elevator building located at 51 Irving Place in Gramercy, Manhattan. The building features a total built space of 42,476 square feet, and the refinancing transaction was executed for a loan amount of $28 million from J.P. Morgan Chase. The market for this asset is characterized by its multifamily use, and it has a building square footage (BSF) of 47,558, which includes air rights.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $28,000,000
• Address: 51 Irving Place
• Market: Gramercy, Manhattan
• Asset Size: 42,476 SF
• Units: 56
• Lender: J.P. Morgan Chase
• Landlord: Jonathan Ofer - Global Holdings Management Group
• Loan Type: Refinance

The refinancing of the building was finalized on February 12, 2026, replacing previous debt sourced from Citibank. The financing reflects the property’s existing built space plus the included air rights, further establishing its financial leverage in the market.