Feil Organization signs $56.5M refi with Citibank for office on Union Square

Feil Organization through the entity 841-853 Fee Owner LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $56.5 million for the office building (O4) at 849 Broadway in Greenwich Village, Manhattan, on the south side of Union Square.
The deal closed on May 22, 2025 and was recorded on June 3, 2025. The prior lender was Series 2015-MS1 which held debt that had an original loan amount of $50 million.The property has 218,953 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $258 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 October 27, 2015, for $2.9 million. The signatory for Feil Organization was Jeffrey J. Feil . The signatory for Citibank was Ana Rosu Marmann .

Prior sales and revenue

The 218,953-square-foot property generated revenue of $25 million or $114 per square foot, according to the most recent income and expense figures.

The property

The office building in Greenwich Village has 218,953 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 219 feet and is 124 feet deep with a total lot size of 17,877 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $144.1 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 $3,125 in ECB penalties and $17,730 in OATH penalties in the last year.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 8th highest sale turnover among other neighborhoods in the city with $1.3 billion in sales volume in the last two years. For development, Greenwich Village has 2.4 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 13 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 738,309 square feet of the 746,905 square feet. The largest owner is Related Companies, followed by Feil Organization and then Vornado Realty Trust.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 746,905 square feet of built space are retail buildings, with office buildings next occupying 29 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 $544.7 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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