Durst Organization signs $70M refi with Citibank for office in Murray Hill

Durst Organization through the entity Dolp 655 Properties II LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $70 million for the office building (O4) at 655 Third Avenue in Murray Hill, Manhattan.
The deal closed on April 21, 2025 and was recorded on May 5, 2025. The prior lender was Citibank which held debt that had an original loan amount of $60 million.The property has 380,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $184 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 September 25, 2019, for $915,921.

Prior sales and revenue

The 380,000-square-foot property generated revenue of $25.7 million or $68 per square foot, according to the most recent income and expense figures.

The property

The office building in Murray Hill has 380,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 197 feet and is 105 feet deep with a total lot size of 18,993 square feet. The lot is irregular. The zoning is C5-3 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 $119.6 million. The most recent loan totaled $225 million and was provided by Citibank on April 1, 2025.

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 $2,875 in OATH penalties in the last year.

Development

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 Murray Hill, The majority, or 54 percent of the 11 million square feet of commercial built space are elevator buildings, with office buildings next occupying 22 percent of the space. In sales, Murray Hill has the 43rd highest sale turnover among other neighborhoods in Manhattan with $29 million in sales volume in the last two years. For development, Murray Hill has 2.2 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 905,013 square feet of the 905,013 square feet. The two identified owners are Davidson Kempner Capital Management and Durst Organization.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 905,013 square feet of built space are hotel buildings, with office buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Durst Organization owned at least 49 commercial properties with 2,194 residential units in New York City with 9,658,393 square feet and a city-determined market value of $4 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.5 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Citibank respectively. Within the portfolio, the bulk, or 81 percent of the 9,658,393 square feet of built space are office properties, with elevator properties next occupying 17 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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