Sapir Group scored a $105 million refinancing for its 28-story workplace at 261 Madison Avenue.
The agency secured the financing, which incorporates senior and mezzanine debt for the Nineteen Fifties-era workplace constructing, from Genesis Credit score, in response to the corporate. The deal ends talks of residential conversion for the constructing positioned close to Grand Central.
However CEO Alex Sapir mentioned he determined to maintain the constructing as an workplace property and put money into the inside and exterior to draw new tenants and improve rents.
“We’re going to reposition the asset to be one of many leaders within the neighborhood for rents,” Sapir informed The Actual Deal.
Newmark’s Anthony Orso and Ari Schwartzbard brokered the deal.
Alex Sapir’s late father, Tamir, purchased 260 and 261 Madison Avenue in 1997. For many years, the buildings have been the trophy workplace property of the agency’s portfolio.
In 2019, the CMBS mortgage protecting the properties was watchlisted due to elevated working bills. In 2022, the mortgage was watchlisted once more, however Sapir quickly refinanced the properties with a $326 million mortgage from JPMorgan Chase and Mack Actual Property Group.
The properties have been beforehand at the center of a dispute between Alex Sapir and his former brother-in-law, Rotem Rosen. Alex Sapir sued Rosen in 2020, accusing Rosen of lining his pockets with cash from the household’s agency. Alex Sapir accused Rosen of utilizing his brother, former Sapir Group basic counsel Omer Rosen, to concern himself a $580,000 private mortgage from 260-261 Madison Avenue. The 2 sides settled the case in 2022.
Final 12 months, Sapir bought 260 Madison Avenue to Jonathan Bennett’s AmTrustRE for $217 million.
Sapir’s U.S. portfolio has shrunk in recent times, with Sapir Corp selling its NoMo Soho hotel out of bankruptcy in October 2025. Months earlier, Sapir Corp and its companions re-listed a 1.5-acre assemblage in Miami’s Edgewater neighborhood on the market. Outdoors of the U.S, the Sapir Group has partnered with the Trump Group and Georgian companions to assemble a 62-story apartment tower in Tbilisi, Georgia.
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