Feil Organization signs $15M refi with Citibank for office in Penn Plaza

Feil Organization through the entity Chaline West 30th Street, LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $15 million for the office building (O6) at 145 West 30th Street in Penn Plaza, Manhattan.
The deal closed on June 24, 2025 and was recorded on July 1, 2025. The prior lender was Series 2015-C2 which held debt that had an original loan amount of $15 million. The property has 87,526 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $171 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 Feil Organization was Jeffrey J. Feil . The signatory for Citibank was Ana Rosu Marmann .

Prior sales and revenue

The 87,526-square-foot property generated revenue of $3.4 million or $39 per square foot, according to the most recent income and expense figures.

The property

The office building in Penn Plaza has 87,526 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,406 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $15.2 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 $350 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 Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has 1.2 times the average sales volume among other neighborhoods with $316.4 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Penn Plaza has 3.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 4 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 877,634 square feet of the 1,513,826 square feet. The largest owner is Vanbarton Group, followed by Altitude Capital Management and then Justin Management.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that Feil Organization owned at least 37 commercial properties with 1,084 residential units in New York City with 7,172,868 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $652.7 million in debt, with top three lenders as Deutsche Bank, Morgan Stanley, and M&T Bank respectively. Within the portfolio, the bulk, or 56 percent of the 7,172,868 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Queens next at 21 percent of the space.

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