ZG Capital Lands $67M Refi for Manhattan Office

ZG Capital Partners has received a $66.5 million refinancing package for its fully leased office property at 836-838 Broadway in Manhattan’s Union Square District. J.P. Morgan provided the capital in a deal arranged by Newmark.

836-838 Broadway is a boutique office property that ZG Captial acquired in 2021 from Hyde Park Antiques for $39.3 million, according to Yardi Matrix. This new loan replaces a permanent $28.9 million loan J.P. Morgan provided in 2024.

Since acquiring the property in 2021, the owner has invested $20 million in the asset to reposition it. The effort included restoring the red cast-iron exterior, rebuilding the interiors and constructing a new core to accommodate an additional elevator.

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Following the 2024 renovation, ZG Capital brought the property to full occupancy. In July 2025, Hilton Hotels & Resorts signed a 13,619-square-foot lease for an entire floor at the six-story building. A year later, Genius AI expanded its headquarters to roughly 27,373 square feet across the building’s second and third floors. Legora also occupies 27,238 square feet across the fourth and fifth floors, according to Yardi Matrix.

Located in Union Square in Manhattan, 836-838 Broadway is one block away from the 14th Street Union Square Subway station. Union Square Park is a five-minute walk away and the Flatiron Building is approximately half a mile from the office.

Newmark’s team of Senior Managing Director Daniel Fromm, Director Tim Polglase and Analysts Jack Fenton and Stavros Giannakopoulos arranged the financing for the owner.

Large debt deals across Manhattan

Manhattan continues to be one of the top-performing office markets in the country. As of August, the market had a 10.2 percent vacancy rate, the lowest among the top 25 U.S. office metros and down 340 basis points year-over-year, according to a Yardi Matrix report. Average listing rates reached $72.70 per square foot, the highest in the country.

Against that backdrop, large refinancing packages have continued to close across the borough. Last week, Loeb Partners Realty, Jamestown and George Comfort & Sons received a $386 million refinancing loan for 200 Madison Ave. in Midtown. The property spans 750,000 square feet and was built in 1926. Newmark also arranged that financing, alongside Estreich & Co.

J.P. Morgan has also backed other Manhattan office refinancings this year. In May, the lender provided the senior debt for Cain and Alchemy-ABR Investment Partners’ $321 million refinancing of 125 W. 57th St. in the Plaza District. Hudson Bay Capital provided the mezzanine financing.