Centaur Properties signs $23M refi loan with Customers Bank for office in Flatiron District

Centaur Properties through the entity Lf Gramercy Property Co., LLC as borrower signed a refi loan with lender Customers Bank through the entity Customers Bank valued at $23 million for the office building (O6) at 33 East 21st Street in Flatiron District, Manhattan.
The deal closed on November 12, 2025 and was recorded on November 17, 2025. The prior lender was Webster Bank which held debt that had an original loan amount of $20 million.The property has 100,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $230 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 February 3, 2006, for $362.4 million. The signatory for Centaur Properties was Harlan Berger . The signatory for Customers Bank was Gregory Fantauzzi .

The property

The office building in Flatiron District has 100,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 98 feet deep with a total lot size of 9,890 square feet. The zoning is M1-5M which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $31.1 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 $6,290 in OATH penalties in the last year.

Development

For the tax lot building, it received its renovation initial certificate of occupancy on October 25, 2016. 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 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 $733.1 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 13 of the 22 commercial properties representing 548,796 square feet of the 852,781 square feet. The largest owner is Centaur Properties, followed by Pan Am Equities and then Michael Grunberg.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 852,781 square feet of built space are office buildings, with elevator buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Centaur Properties owned at least 12 commercial properties with 91 residential units in New York City with 376,971 square feet and a city-determined market value of $145.4 million. (Market value is typically about 50% of actual value.) The portfolio has $94.8 million in debt, with top three lenders as Customers Bank, Sterling National Bank, and BankUnited respectively. Within the portfolio, the bulk, or 58 percent of the 376,971 square feet of built space are office properties, with specialty properties next occupying 22 percent of the space. They are all located in Manhattan.

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