Cipriani signs $90M refi with Citibank, had been under foreclosure threat

Cipriani through the entity GC 55 Ballroom, LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $90 million for five condominium units, including the retail condo at 55 Wall Street in Financial District, Manhattan, retail condo at 110 East 42nd Street in Grand Central, Manhattan, and office condo at 110 East 42nd Street in Grand Central, Manhattan.
The deal closed on August 30, 2023 and was recorded on September 11, 2023. The prior lender was COMM 2014-CCRE19 which held debt that had an original loan amount of $60 million.
The five properties have 152,593 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $589 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 Cipriani was Maggio Cipriani. 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 55 Wall Street.

Violations and lawsuits

The properties were involved in three lawsuits and zero bankruptcies over the past two years. The highest value suit was a $54.6 million commercial foreclosure concerning a loan filed on December 13, 2021, by Midland Loan Services and COMM 2014-CCRE19 against Giuseppe Cipriani and Cipriani USA. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the five buildings received a initial certificate of occupancy in the last ten years. 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 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 $2.9 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are elevator.

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