Alex Sapir Of Sapir Organization Refinances 261 Madison Avenue With Richard J. Mack For $60M
261 Madison Avenue
$60,000,000
$156/SF
Building Size
383,934 SF
Asset Type
Office
Closing
Dec 5, 2025
AI
The asset involved in the transaction is an office space located at 261 Madison Avenue in the Grand Central market of Manhattan. The property encompasses a square footage of 383,934 and has been refinanced with a loan amount of $60,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $60,000,000
- Lender: Richard J. Mack - Mack Real Estate Group
- Landlord: Alex Sapir - Sapir Organization
- Loan Type: Refinance
- Closing Date: December 5, 2025
- Previous Lender: JPMorgan Chase
The deal involves key individuals Richard J. Mack representing Mack Real Estate Group and Alex Sapir representing Sapir Organization, facilitating the refinancing process for the property at 261 Madison Avenue, ensuring the transition from prior debt with JPMorgan Chase to the new loan arrangement.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93