Brookfield, KRE Group up debt to $125M at 331-unit rental in Civic Center

Brookfield Properties and Kushner Real Estate Group (KRE Group) through the entity FC Worth LLC as borrower signed a refi loan with lender Equitable Financial Life Insurance Company valued at $125 million for the 331-unit residential elevator building (D6) at 111 Worth Street in Civic Center, Manhattan.
The deal closed on May 22, 2025 and was recorded on June 13, 2025. The prior lender was Fannie Mae which held debt that had an original loan amount of $113.9 million.The property has 419,639 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $297 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 7, 2018, for $100.9 million. The signatory for Brookfield Properties and Kushner Real Estate Group was Jeremy B. Kaplan and Ketan K. Patel . The signatory for Equitable Financial Life Insurance Company was Frank S. Linneen . The original loan was $113.9 million from 2004, and the outstanding principal was $83.7 million. Kushner Real Estate Group was founded by Murray Kushner, brother of Charles Kushner, founder of Kushner Companies. Brookfield owns a 71.43 percent and KRE Group owns 28.57 percent.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Anthony Mota, head officer. The business entity is FC Foley Square Assoc LLC. The 419,639-square-foot property generated revenue of $17.9 million or $43 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 331 residential units in Civic Center has 419,639 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 297 feet and is 107 feet deep with a total lot size of 28,302 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 has a 421A exemption that started in 2006 and expires in 2026. The city-designated market value for the property in 2022 is $87.1 million. The property has 331 rent regulated units according to city tax records from 2023.

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 two DOB violations and $2,840 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 559,336 square feet of the 559,336 square feet. The two identified owners are Anthony Mota and Zucker Organization.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Brookfield Properties owned at least 57 commercial properties with 5,401 residential units in New York City with 25,625,194 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $12.9 billion in debt, with top three lenders as Wells Fargo, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 58 percent of the 25,625,194 square feet of built space are office properties, with elevator properties next occupying 22 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

Direct link to Acris document. link