Brookfield signs $1.25B refi with Citibank for office, retail in Hudson Yards
Brookfield Properties through the entity 450 Partners LLC as borrower signed a refi loan with lender Citibank through the entity Citibank, N.A. valued at $1.25 billion for the two commercial condominium units that make up 450 West 33rd Street in Hudson Yards, Manhattan. The office portion has 1.28 million square feet while the retail has 157,104 square feet.
The deal closed on March 28, 2025 and was recorded on April 15, 2025. The prior lenders were Landesbank Baden-Wurttemberg which held debt that had an original loan amount of $1.125 billion and Citibank with $156 million. The loan price per built square foot is $869 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 Brookfield Properties was Sabrina Khabie. The signatory for Citibank was Ana Rosu Marmann .
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 450 West 33rd Street.
The block
On the tax block of 450 West 33rd Street, PincusCo has identified the owners of four of the nine commercial properties representing 202,527 square feet of the 380,987 square feet. The identified owner is Brookfield Properties.
On the tax block, there were three new building construction projects totaling 12,792,909 square feet. The largest is a 164-unit, 4,265,542 square-foot hotel/dormitory/shelter (R-1) building submitted by Brookfield Properties and filed by Henry Caso with plans filed March 28, 2017 and permitted February 7, 2018. The second largest is a 4,264,087 square-foot business (B) building submitted by Brookfield Properties and filed by Henry Caso with plans filed September 15, 2014 and permitted May 29, 2015.
The majority, or 53 percent of the 380,987 square feet of built space are hotel buildings, with office buildings next occupying 47 percent of the space.
The borrower
The PincusCo database currently indicates that Brookfield Properties owned at least 56 commercial properties with 4,799 residential units in New York City with 24,876,733 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $11.7 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and ING Capital respectively. Within the portfolio, the bulk, or 60 percent of the 24,876,733 square feet of built space are office properties, with elevator properties next occupying 20 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.
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