Durst ups debt to $1.3B in refi for office in Times Square

Durst Organization through the entity 4TS II LLC as borrower signed a refi loan with lender Wells Fargo, JPMorgan Chase, and Bank of America valued at $1.3 billion for the office building (O4) for 4 Times Square at 151 West 42nd Street in Times Square, Manhattan.
The deal closed on August 5, 2025 and was recorded on August 13, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $1.1 billion.The property has 1,642,675 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $791 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 Durst Organization was Lucas Durst. The signatory for Wells Fargo , JPMorgan Chase , and Bank of America was Jeffrey L. Cirillo , Jessica Wong , and Dominick Guerriero .

Prior sales and revenue

The 1,642,675-square-foot property generated revenue of $177.1 million or $108 per square foot, according to the most recent income and expense figures.

The property

The office building in Times Square has 1,642,675 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 208 feet and is 256 feet deep with a total lot size of 45,800 square feet. The lot is irregular. The zoning is C6-7 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 $806.9 million. The most recent loan totaled $200 million and was provided by JPMorgan Chase on September 22, 2022.

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 $8,910 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 28, 2012. On the lot, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 22,255 square feet. The largest, 123575942, is a major alteration project for a 1,642,675 square-foot B building submitted by Albert Sanfilippo with plans filed September 26, 2018 and permitted November 1, 2018. The second largest, M00865411, is a major alteration project for a 22,255 square-foot E building submitted by Jeffrey Parras with plans filed June 13, 2023 and permitted July 18, 2023.

The neighborhood

In Times Square, The majority, or 58 percent of the 10.1 million square feet of commercial built space are office buildings, with hotel buildings next occupying 30 percent of the space. In sales, Times Square has 3.5 times the average sales volume among other neighborhoods with $957.8 million in sales volume in the last two years and is the 9th highest in Manhattan. For development, Times Square has 2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 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 3,999,440 square feet of the 3,999,440 square feet. The two identified owners are Durst Organization and Jamestown.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 4 million square feet of built space are office buildings, with mixed-use buildings next occupying 3 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 $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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