Dever Properties signs $108M refi with Deutsche Bank for office in Gramercy

Dever Properties through the entity Dever Properties LLC as borrower signed a refi loan with lender Deutsche Bank through the entity German American Capital Corporation valued at $108 million for the office building (O4) at 215-219 Park Avenue South in Gramercy, Manhattan.
The deal closed on February 11, 2026 and was recorded on February 20, 2026. The prior lender was Series 2016-C1, Trimont which held debt that had an original loan amount of $95 million.The property has 285,213 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $378 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 January 16, 2025, for $3.8 million. The signatory for Dever Properties was Edward A. Kotite . The signatories for Deutsche Bank were Peter Castro and David Goodman . SL Green Realty is net lessee of the building according to a 1988 lease, and Dever is the fee owner and is the borrower.

Prior sales, articles and revenue

The 285,213-square-foot property generated revenue of $19.2 million or $67 per square foot, according to the most recent income and expense figures.

The property

The office building in Gramercy has 285,213 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 78 feet and is 175 feet deep with a total lot size of 14,273 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 city-designated market value for the property in 2022 is $96.9 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 $3,175 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 30, 2017. 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 Gramercy, The bulk, or 31 percent of the 11.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Gramercy has 1.4 times the average sales volume among other neighborhoods with $455.5 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Gramercy has 1.4 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 17 commercial properties representing 830,478 square feet of the 892,192 square feet. The largest owner is Sl Green Realty, followed by Marriott International and then Siba Residences.
There are no active new building construction projects on this tax block.

The majority, or 36 percent of the 892,192 square feet of built space are elevator buildings, with office buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that SL Green Realty owned at least 41 commercial properties with 796 residential units in New York City with 19,007,960 square feet and a city-determined market value of $8.2 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 93 percent of the 19,007,960 square feet of built space are office properties, with elevator properties next occupying 3 percent of the space. They are all located in Manhattan.

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