60 Guilders, Sentry Realty sign $165M refi with Bain in Garment District, part of $213M deal

60 Guilders and Sentry Realty through the entity 1375 Owner LLC as borrower signed a senior refi loan with lender Bain Capital through the entity BCC 1375 Broadway 1, LLC valued at $165 million for the office building (O4) at 1375 Broadway in the Garment District, Manhattan. The loan is part of a previously reported $213 million refinance.
The deal closed on January 23, 2026 and was recorded on February 4, 2026. The prior lender was Sail Harbor Capital which held debt that had an original loan amount of $165 million.The property has 464,951 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $354 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 19, 2024, for $170.4 million. The signatory for Sentry Realty was Joseph Mamrout . The signatory for Bain Capital was Michael Boyle .

Prior sales, articles and revenue

The 464,951-square-foot property generated revenue of $31.4 million or $68 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on January 26, 2026 that 60 Guilders borrowed $213 million from Bain Capitalfor 1375 Broadway, Manhattan, NY. The borrower-side brokers were Newmark.

The Real Deal reported on January 27, 2026 that 60 Guilders and Sentry Realty borrowed $213 million from Bain Capital for 1375 Broadway, New York, NY. The borrower-side brokers were Newmark.

The property

The office building in Garment District has 464,951 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 104 feet and is 195 feet deep with a total lot size of 17,725 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $162 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,010 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 1,444,209 square feet of the 2,423,486 square feet. The largest owner is Bloomingdale Properties, followed by Sentry Realty and then Empire State Realty Trust.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2.4 million square feet of built space are office buildings, with industrial buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Sentry Realty owned at least five commercial properties with 573 residential units in New York City with 1,439,352 square feet and a city-determined market value of $434.1 million. (Market value is typically about 50% of actual value.) The portfolio has $303.5 million in debt, with top three lenders as Deutsche Bank, Series 2017-CD4, and Sail Harbor Capital respectively. Within the portfolio, the bulk, or 66 percent of the 1,439,352 square feet of built space are office properties, with elevator properties next occupying 34 percent of the space. They are all located in Manhattan.

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