425 West 57th Street
This is a $14.7M refinance of a 50-unit multifamily asset in Hell's Kitchen, Manhattan, sponsored by Joel J. Gorjian of Gorjian Real Estate Group through GG West 57 Owner LLC, with J.P. Morgan Chase as the institutional lender — a strong signal of underwriting confidence and deal quality. At $374/SF, the loan basis is in line with comparable Hell's Kitchen multifamily transactions, and the submarket remains one of the most liquid in Manhattan with consistent investor demand. Gorjian Real Estate Group is a recognized NYC multifamily operator with a track record of acquisitions and financings across the outer boroughs and Manhattan, lending credibility to the sponsorship. No distress indicators, liens, foreclosure activity, or litigation are noted, and the institutional lender further de-risks the credit profile. The primary risk factors are rent stabilization exposure typical of Hell's Kitchen vintage stock and broader interest rate sensitivity on the refinance, but overall this is a solid, well-sponsored transaction in a supply-constrained market.
Deal Stats
Parties
No party information available for this deal.
Score Analysis
Why this score
Strong Institutional Lender
J.P. Morgan Chase's involvement signals robust underwriting standards and confidence in the asset's fundamentals and sponsor quality.
Established Sponsor Track Record
Gorjian Real Estate Group demonstrates proven execution across Manhattan and outer borough multifamily, reducing operational and execution risk.
Rent Stabilization Exposure
Hell's Kitchen vintage stock carries significant rent stabilization constraints that limit upside potential and create revenue predictability challenges.
Prime Submarket Liquidity
Hell's Kitchen remains one of Manhattan's most actively traded multifamily submarkets with consistent institutional investor demand and exit optionality.
Interest Rate Refinance Risk
As a refinance transaction in a rising rate environment, debt service coverage may compress if underwritten at lower rate assumptions.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Quantify Rent Stabilization Mix
Disclose the percentage of units under rent stabilization vs. market-rate to clarify revenue growth constraints and stabilize investor underwriting.
Highlight Value-Add Catalyst
Identify near-term repositioning opportunities (unit renovations, amenity upgrades, or deregulation potential) to justify refinance proceeds and demonstrate upside.
Disclose Loan Terms & Metrics
Publish loan amount, term, rate, and DSCR to enable transparent comparisons to Hell's Kitchen comps and validate pricing efficiency.
Raw Deal Textclick to expand
traded + Submit Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Multifamily Loan 425 West 57th Street Share FINANCED MultiFamily Joel J. Gorjian Secures $14.7 Million Refinance Loan From J.P. Morgan Chase For Multifamily Asset $14,700,000 $374/SF BUILDING SIZE 39,210 SF ASSET TYPE CLOSING Jun 5, 2026 Overview Players Market Deal Summary Caption AI The asset involved in this transaction is a multifamily building located at 425 West 57th Street in Hell’s Kitchen, Manhattan. It encompasses a total square footage of 39,210 and consists of 50 residential units. The refinancing transaction amounts to $14,700,000. Summary of transaction details: Property Type: Multifamily Transaction Amount: $14,700,000 Address: 425 West 57th Street Market: Hell’s Kitchen, Manhattan Lender: J.P. Morgan Chase Landlord: Joel J. Gorjian - Gorjian Real Estate Group Loan Type: Refinance Units: 50 Square Footage: 39,210 The refinancing was facilitated by Joel J. Gorjian, representing Gorjian Real Estate Group through GG West 57 Owner LLC. The deal was closed on June 5, 2026, and recorded on June 12, 2026. PLAYERS All Landlords | Tenants Lenders J.P. Morgan Chase LENDER Joel J. Gorjian Gorjian Real Estate Group LANDLORD $14.7M VOL 1 deal Contact New York MultiFamily Market Snapshot Boundary boundary · MultiFamily · Loan transactions Comps 10 Listings Investors Top Brokers Kings Capital Secures $10.7M Refinance For 404-406 West 51st Street Multifamily In Hell's Kitchen 31,040 SF · Feb 2026 New York, New York $10,700,000 $344/SF 0.3 mi James Ross Of Rossrock LLC Refinances Multifamily Building In Hell’s Kitchen For $18M Mar 2024 $18,000,000 Rabina Properties & EAF Properties Secure $12.5M Refinance Loan In Midtown West 89,460 SF · May 2024 $12,500,000 $139/SF 0.4 mi Derby Copeland Capital Closes $16M Acquisition Loan For Multifamily In Hell's Kitchen 35,840 SF · Jun 2024 $16,000,000 $446/SF 0.5 mi F2H Capital Secures $16M Construction Loan For Multifamily In Hell's Kitchen Steve Rock & Chris Marks Of Marcus Millichap Acquire Multifamily Property In Hells Kitchen With $15M Loan From New York Community Bank 30,000 SF · Jun 2020 $15,000,000 $500/SF Marcus & Millichap Secures $15M Loan For MultiFamily Property In Hell's Kitchen Nov 2023 New York Community Bank Provides $11.9M Loan For Multifamily Property On West 47th Street In Times Square 66,182 SF · Aug 2021 $11,900,000 $179/SF 0.7 mi Dime Bank Provides $10M Refinance Loan For Multifamily Property On Remsen Street In New York Oct 2022 $10,000,000 0.8 mi Quinlan Development Group Secures $10.3M Refinance Loan From JLL For Upper West Side Multifamily 36,258 SF · Feb 2026 $10,300,000 $284/SF 0.9 mi Live MORE DEALS $10.7M $18M — · Mar 2024 $12.5M $16M $15M — · Nov 2023 $11.9M $10M — · Oct 2022 $10.3M NEARBY MARKETS NEIGHBORHOODS Long Island City Central Greenpoint Downtown West Commercial District Chinatown Lower East Side East Village West Village Midtown South West Midtown Lincoln Square Upper West Side Yorkville BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Linden Fort Lee STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Tennessee Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed Nat @traded NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 300K+ The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use