136 East 57th St gets $29.65M loan 7 months after a $10M sale
A $29.65M mortgage was recorded Nov. 4 on the 20-story 136 East 57th Street tower, a building that traded for $10M in March, per PincusCo.
- Source Briefing
- Public record
- Also reported by PincusCo
A $29,646,575 mortgage was recorded on November 4 against 136 East 57th Street, a 20-story Midtown East (Manhattan) tower, according to the City Register. The borrower is 136 PROP CO LLC and the lender is BCC 136 East 57th LLC. The loan is dated October 13.
The size of the loan against the building’s recent price is the story. PincusCo’s property record shows the tower sold for $10M on March 6, 2026, from Cerco Funding to CSC Real Estate, and that CSC Real Estate borrowed $23.5M from Genesis LLC the same day. On the building’s 102,917 square feet, the March price works out to about $97 per square foot. The new mortgage is about $288 per square foot, nearly three times that basis.
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Why it matters
Midtown office towers built in 1931 are the raw material for a wave of conversions and repositionings, and the lender’s name suggests where this one sits in the capital stack. BCC 136 East 57th LLC looks like a single-asset vehicle for BridgeCity Capital, a firm PincusCo lists as lender on a $36.6M October 30 mortgage for the same address. We could not match that figure to the $29.65M instrument we pulled, so we cite only the ACRIS amount.
For developers, the pattern is a short chain of bridge debt: a $23.5M loan at purchase, then a larger replacement seven months later, while the sponsor works through a plan. PincusCo also lists a DOB alteration job, M01371815, filed March 16, 2026, for 85,604 square feet and 8 apartments. That points to a residential conversion of a tower with zero dwelling units today.
The numbers
- Mortgage: $29,646,575, recorded 2026-11-04, dated 2026-10-13.
- Building: 102,917 sf, 20 floors, built 1931, renovated 1987.
- Prior sale: $10M on March 6, 2026, per PincusCo ($97 per sf).
- Prior loan: $23.5M from Genesis LLC on March 6, 2026, per PincusCo.
We read the ACRIS record directly. The sale, prior loan and DOB job figures come from PincusCo and are attributed to it; we have not independently pulled those documents.
What’s next
Watch for a release of the Genesis LLC mortgage and for movement on DOB job M01371815, which would confirm whether the loan funds the conversion. A reported sale price of $10M can reflect a distressed or lender-driven transfer, so a deed pulled in full would clarify the true basis. For other Midtown activity, see 35 West 57th Street’s $42M deed, and for the wider picture see New York.
Quick answers
- What is the latest on CSC Real Estate in New York?
- A $29.65M mortgage was recorded Nov. 4 on the 20-story 136 East 57th Street tower, a building that traded for $10M in March, per PincusCo.
- What are the key numbers for CSC Real Estate?
- mortgage recorded: $29.65M; loan basis: $288/sf; March price: $97/sf.
- Where does the information on CSC Real Estate come from?
- The story cites City Register (ACRIS) and PincusCo.
On the record
Mortgage of $29,646,575 on Manhattan block 1311 lot 50, dated 2026-10-13, recorded 2026-11-04, borrower 136 PROP CO LLC, lender BCC 136 East 57th LLC; about $288 per sf on the 102,917 sf building
Public record · a836-acris.nyc.gov
Also reported by