Bromley Companies signs $163.4M refi with Helaba for office in Flatiron District

Bromley Companies through the entity 122 Fifth Associates LLC as borrower signed a refi loan with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $163.4 million for the office building (O6) at 122 Fifth Avenue in the Flatiron District, Manhattan.
The deal closed on November 28, 2025 and was recorded on December 4, 2025. The prior lender was Helaba which held debt that had an original loan amount of $136 million. The property has 244,069 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $669 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 signatory for Bromley Companies was Nicholas Haines . The signatory for Helaba was Anne-Marie Francis and Grant Chin.

Prior sales and revenue

The 244,069-square-foot property generated revenue of $27.4 million or $112 per square foot, according to the most recent income and expense figures.

The property

The office building in Flatiron District has 244,069 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 71 feet and is 198 feet deep with a total lot size of 21,646 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $156.9 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1 million money judgment concerning construction filed on June 18, 2024, by Omnibuild Construction against Bromley Companies. In addition, according to city public data, the property has received four DOB violations, two housing violations, and $4,490 in OATH penalties in the last year.

Development

On the lot, there was one active major alteration construction project, 123337479, for a 41,079 square-foot office (B) building. The project was submitted by Michael Borrero with plans filed September 19, 2017 and it has not been permitted yet.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.5 times the average sales volume among other neighborhoods with $742.4 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Flatiron District has 3.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 4.9 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 two 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 18 of the 23 commercial properties representing 1,046,836 square feet of the 1,197,867 square feet. The largest owner is Bromley Companies, followed by Hakimian Organization and then Adams & Company.
On the tax block, there were two new building construction projects totaling 40,714 square feet. The largest is a 13-unit, 23,384 square-foot residential (R-2) building submitted by Gary Vinbaytel with plans filed February 14, 2020 and permitted March 15, 2022. The second largest is a nine-unit, 17,330 square-foot residential (R-2) building submitted by Gary Vinbaytel with plans filed February 14, 2020 and permitted August 17, 2022.

The majority, or 81 percent of the 1.2 million square feet of built space are office buildings, with elevator buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Bromley Companies owned at least three commercial properties in New York City with 247,011 square feet and a city-determined market value of $99.1 million. (Market value is typically about 50% of actual value.) The portfolio has $151.5 million in debt, borrowed from PCCP and Apple Bank for Savings. Within the portfolio, the bulk, or 100 percent of the 247,011 square feet of built space are office properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.

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