ZG Capital Files $66.5M Loan on Union Square Site Bought for $39M
The owner bought the landmarked office building in December 2021. Its new loan paperwork is now 1.7 times that price.
The owner of 836 Broadway, a landmarked office building south of Union Square, has recorded a $66.5 million loan agreement with JPMorgan Chase, about 4 years 9 months after buying it for $39.25 million. Crain’s New York reported that ZG Capital Partners is the sponsor.
Why it matters
ACRIS never names ZG Capital. The borrower is 836 Broadway Partners LLC, and we are relying on press for the link to the firm. What the record shows: a $37,640,100 mortgage and a $66,500,000 agreement, both to JPMorgan Chase Bank, N.A., recorded Oct. 9 on block 564, lot 39. Crain’s calls the full package a refinancing of a fully leased building, with Newmark as arranger.
The building was largely vacant before the purchase, according to reports at the time, and the buyer put money into restoring its cast-iron facade. Now the lender is sizing debt at 1.7 times the price paid. That is the clearest sign in the record that a Union Square office conversion of vacancy into rent has been underwritten at a much higher value.
The numbers
The December 2021 deed shows $39,250,000 from 836 Broadway Associates to 836 Broadway Partners. The new agreement is $27.25 million above that. Part of the gap likely funds work and leasing costs, but the filings do not say what the extra money is for.
The debt being replaced came in layers. Ladder Capital Finance recorded two January 2022 mortgages, $28,804,900 and $8,695,100, together $37.5 million. In December 2024 JPMorgan took over the senior piece through a $28,859,900 amended and restated agreement. The new mortgage of $37,640,100 is within 0.4% of that original $37.5 million, so the mortgage lien looks like a straight swap in size, with the larger $66.5 million agreement sitting on top of it.
What we have not checked: how the $66.5 million agreement is split between the recorded mortgage and any unrecorded future-advance or mezzanine pieces, the lease roll, and current rents. Reports name Hilton and Legora among the tenants, but we have not seen leases.
What’s next
Watch for a satisfaction of the 2024 JPMorgan loan and any consolidation filing, which would show how the debt was stacked. For more Manhattan filings read against the record, see the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Our dataACRIS recorded a $37,640,100 mortgage (2026093000663002) and a $66,500,000 agreement (2026093000663003) from 836 Broadway Partners LLC to JPMorgan Chase Bank, N.A. on Oct. 9, 2026 against block 564, lot 39. The agreement is 169% of the buyer's purchase price.View the record on a836-acris.nyc.gov
- Our data836 Broadway Partners LLC took title by a deed recorded Dec. 30, 2021 (2021122100213001) at $39,250,000, so the new $66.5M loan agreement is about $27.25M above the price, after a hold of roughly 4 years 9 months.View the record on a836-acris.nyc.gov
- Our dataThe debt being replaced was Ladder Capital's January 2022 pair of mortgages ($28,804,900 and $8,695,100, together $37,500,000), which JPMorgan took over in December 2024 through a $28,859,900 amended and restated agreement (2024120600879007); the new $37,640,100 mortgage is within 0.4% of the original $37.5M.View the record on a836-acris.nyc.gov
On the record
- Primary recordNYC ACRIS, 2026 mortgage 2026093000663002Mortgage, 836 Broadway Partners LLC to JPMorgan Chase Bank, N.A., amount $37,640,100
- Primary recordNYC ACRIS, 2026 agreement 2026093000663003Agreement, 836 Broadway Partners LLC and JPMorgan Chase Bank, N.A., amount $66,500,000
- Primary recordNYC ACRIS, 2021 deed 2021122100213001Deed, 836 Broadway Associates to 836 Broadway Partners LLC, amount $39,250,000
- Also reported by
- Crain's New York BusinessZG Capital Partners lands $66.5M refinancing at 836-838 Broadway