Sapir Takes $105M Refi on 261 Madison, $45M Above Last Loan
The reported loan is $45M above the last mortgage on file. DOB records show repair and tenant work at the 27-story tower, with no change-of-use filing.
Sapir Organization landed a $105M refinancing on 261 Madison Avenue, the 27-story Midtown South office tower it controls, and dropped its residential conversion plan, The Real Deal reported Oct. 14. The newest mortgage in city records is a $60M loan from Dec. 11, 2025, so the reported loan is $45M larger.
Why it matters
Office owners who once priced a conversion are now borrowing against the offices instead. The Real Deal, whose full text was not available to us, describes the loan as replacing a residential plan for the tower. City records do not show a conversion effort of any size: the Department of Buildings has no change-of-use filing at the address. For lenders and owners watching Midtown South, this is a data point that a conversion thesis can end at the filing stage. See our New York coverage for related deal and permit stories.
The numbers
The ACRIS master record shows a $60,000,000 mortgage dated Dec. 5, 2025 and recorded Dec. 11, 2025. The parties file names 261 Madison Avenue LLC as borrower and MREF REIT Lender 16 LLC as lender. A $105M loan is $45M, or 75%, above that figure. Whether the $60M loan is paid off in full is not in the records yet, so we cannot say how much of the $105M is new cash.
The deed recorded the same day moved the lot from 260-261 Madison Avenue LLC to 261 Madison Avenue LLC for a stated $0. That reads as an affiliate transfer, so it gives no purchase price and we make no cash-out or return comparison. As of Oct. 14, 2026, ACRIS shows no mortgage for the new loan, which is 307 days after the last one.
The DOB NOW filings show 16 jobs since July 2021. They cover office fit-outs on the 12th and 15th floors, sprinkler and plumbing work, a garage ramp repair, a heavy-duty sidewalk shed filed Nov. 22, 2022 and a Sept. 5, 2023 job for facade, terrace and roof repairs. Each description that addresses use says no change in use, egress or occupancy. PLUTO lists 383,934 square feet, 27 floors, a 1954 build date and C5-3 zoning, with 325,956 square feet of office.
What’s next
Watch ACRIS for the new mortgage, which will show the lender and the recorded amount, and for a satisfaction of the Dec. 2025 loan. Any residential plan would need a DOB change-of-use filing, and none is on file today.
On the record
Primary record
- Public recordACRIS shows a $60,000,000 mortgage on 261 Madison Avenue (Manhattan block 868, lot 25), recorded Dec. 11, 2025 and dated Dec. 5, 2025. The borrower is 261 Madison Avenue LLC and the lender is MREF REIT Lender 16 LLC. That is the newest mortgage on the lot. A $105M loan would be $45M larger.View the record on a836-acris.nyc.gov
- Public recordA deed for the same lot was recorded the same day, Dec. 11, 2025, from 260-261 Madison Avenue LLC to 261 Madison Avenue LLC with a stated amount of $0. That is an affiliate transfer, not a sale price, so the records give no purchase price to compare the loan against. The ACRIS pull shows no new mortgage for the $105M loan as of Oct. 14, 2026, 307 days after the $60M one.View the record on a836-acris.nyc.gov
- Public recordDOB NOW lists 16 job filings at BIN 1017231 from July 2021 to March 2024: office fit-outs on the 12th and 15th floors, sprinkler and plumbing work, a garage ramp repair, a heavy-duty sidewalk shed filed Nov. 22, 2022, and a Sept. 5, 2023 job for facade, terrace and roof repairs described as 'of Sapir.' Every description that addresses use says no change in use, egress or occupancy. None is a conversion or change-of-use filing.View the record on a810-dobnow.nyc.gov
Also reported by
- The Real DealOct. 14, 2026 report: Sapir lands $105M refi for 261 Madison Ave
- NYC Open Data, PLUTO27 floors, 383,934 sq ft, built 1954, zoned C5-3