Bushburg Properties signs $320M construction loan for conversion of FiDi office to 500-unit resi

Bushburg Properties through the entity Pine Re LLC as borrower signed a rehab construction loan with lender Deutsche Bank through the entity Deutsche Bank Ag, New York Branch valued at $320 million for the office building (O4) at 110 Maiden Lane in Financial District, Manhattan.

On the lot, there is one active major alteration construction project, M01110829, for a 500-unit, 962,080 square-foot residential (R-2) building. The project was submitted by Bushburg Properties and filed by Abraham Hoffman with plans filed October 10, 2024 and permitted February 28, 2025.

The loan deal closed on July 29, 2025 and was recorded on August 1, 2025. The property has 1,104,184 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $289 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.)
Bushburg Properties bought the property on September 6, 2024, for $160 million.

The signatory for Bushburg Properties was Abraham J. Hoffman . The signatory for Deutsche Bank was Christopher Harris and Mrinal Dansingani . The building is also known as 80 Pine Street. The former lender, Pine Financial Ltd. is a company with secret ownership, in care of the Cayman Island firm H&C Corporate Services.

Prior sales and revenue

The 1,104,184-square-foot property generated revenue of $75.5 million or $68 per square foot, according to the most recent income and expense figures.

The property

The office building in Financial District has 1,104,184 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 223 feet and is 255 feet deep with a total lot size of 48,946 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $321.3 million. The most recent loan totaled $134.4 million and was provided by Pine Financial Ltd. on September 6, 2024.

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 $2,500 in ECB penalties and $39,850 in OATH penalties in the last year.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 14.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 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 four of the five commercial properties representing 1,304,481 square feet of the 1,327,095 square feet. The largest owner is Bushburg Properties, followed by Atlas Hospitality and then Breakwater.
On the tax block, there was one new building construction project filed totaling 44,773 square feet. It is a 128-unit, 44,773 square-foot hotel/dormitory/shelter (R-1) building submitted by Atlas Hospitality and filed by Raj Guru with plans filed December 22, 2014 and permitted August 21, 2017.

The majority, or 93 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 7 percent of the space.

The borrower

The PincusCo database currently indicates that Bushburg Properties owned at least seven commercial properties with 750 residential units in New York City with 1,518,082 square feet and a city-determined market value of $196.3 million. (Market value is typically about 50% of actual value.) The portfolio has $440.1 million in debt, with top three lenders as Pine Financial Ltd., MF1 Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 79 percent of the 1,518,082 square feet of built space are office properties, with elevator properties next occupying 10 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.

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