Brick loft building across from Ava High Line (on 28th St) repossessed by JPMorgan

Across from Ava High Line on 28th Street between 10th & 11th is a commercial loft building that predates the towers most of you are probably living in right now. The address is 548 West 28th Street, and our sister publication Bloomberg reported in December 2025 that its owner, Mariner’s Gate LLC, was late on approximately $50 million in debt and had entered into bankruptcy to halt foreclosure by its lender, JPMorgan. Based on the bankruptcy case docket, in May 2026, the owner ended up selling the property back to JPMorgan for $38 million. So: John Piermont Morgan is in a sense your neighbor now.

Probably not for long. The next step here is for JPMorgan to try to sell the property to the highest bidder, and it looks like that process has been under way for a few months now. We are going to contact Mariner’s Gate and the sales agent to see if we can figure out more about who the potential buyers are—and will keep the block updated.

Update 8/7/28—we were able to find comment from the owner of Mariner’s Gate (named Jim Pastreich) from this Crain’s article:

The cumulative effects of Covid-19 on the commercial real estate market have been awful. Unfortunately this included us too,” Pastreich said. “I personally have been with this building for over 27 years and have seen this wonderful NYC Landmark go from taxi garages, industrial and storage spaces to galleries and a range of eclectically creative tenants. It is a great building that it has been my pleasure to work with and a really sad day for me, my associates and our wonderful staff.

Jim, thanks for being a longtime member of our block.