Justin Management Secures $63.2 Million Refinance Loan From J.P. Morgan Chase For Penn Plaza Assets
856 6th Avenue & 864 6th Avenue
$63,200,000
$327/SF
Building Size
193,000 SF
Asset Type
Office
Closing
May 21, 2026
AI
Two office assets located at 856 6th Avenue and 864 6th Avenue in Penn Plaza, Manhattan, encompass a total of 193,000 square feet. These properties are involved in a loan transaction providing financial backing for the refinancing process.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $63,200,000
- Lender: J.P. Morgan Chase
- Landlord: Justin Management
- Loan Type: Refinance
- Previous Lender: First Republic Bank
Justin Management, operating through 1239 Operating LLC, successfully finalized the refinancing transaction with J.P. Morgan Chase, effectively replacing the prior debt associated with the two properties mentioned.
Players
Rochester Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93