GFP Real Estate Secures $86.5M Refinance Loan For 515 Madison Avenue Office Building
515 Madison Avenue
$86,500,000
Building Size
—
Asset Type
Office
Closing
Jan 13, 2026
About this deal
AI
515 Madison Avenue is a 42-story office building located in Manhattan, which is now nearly 100% leased. The building experienced a significant turnaround from a 25% vacancy rate and a loan default in 2023.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $86,500,000
- Lender: Apple Bank
- Landlord: Brian Steinwurtzel & Eric Gural - GFP Real Estate
- Loan Type: Refinance
- Date: 01/13/2026
The refinance deal for 515 Madison Avenue was secured by GFP Real Estate for a term of 10 years, reflecting the efforts to revitalize the asset and stabilize its occupancy rates.
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$86,500,000
Office
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New York Office Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93