Feil Organization signs $63.8M refi with Citibank for office in Gramercy

Feil Organization through the entity 251 PAS LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $63.8 million for the office building (O6) at 251 Park Avenue South in Gramercy, Manhattan.
The deal closed on September 11, 2025 and was recorded on September 29, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $70 million.The property has 103,384 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $616 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 13, 2014, for $25 million. The signatory for Feil Organization was Jeffrey J. Feil . The signatory for Citibank was Ana Rosu Marmann .

Prior sales and revenue

The 103,384-square-foot property generated revenue of $11.3 million or $109 per square foot, according to the most recent income and expense figures.

The property

The office building in Gramercy has 103,384 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 69 feet and is 90 feet deep with a total lot size of 6,210 square feet. 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 $58.2 million. Citi Real Estate Funding Inc on September 11, 2025 bought a loan with an original principal of 70000000.0 from M&T Bank signed by Jeffrey J. Feil, secured by 251 Park Avenue South, when owned by Feil Organization.

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 $4,075 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 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 1.5 times the average sales volume among other neighborhoods with $433.2 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Gramercy has 1.5 times the average amount of major developments relative to other neighborhoods and is the 19th 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 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 11 commercial properties representing 337,522 square feet of the 362,230 square feet. The largest owner is Feil Organization, followed by Gindi Capital and then Legion Investment Group.
On the tax block, there were two new building construction projects totaling 99,016 square feet. The largest is a 48-unit, 73,156 square-foot residential (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet. The second largest is a 13-unit, 25,860 square-foot residential (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.

The majority, or 86 percent of the 362,230 square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Feil Organization owned at least 45 commercial properties with 1,084 residential units in New York City with 7,291,728 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $607.9 million in debt, with top three lenders as M&T Bank, Capital One, and Citibank respectively. Within the portfolio, the bulk, or 55 percent of the 7,291,728 square feet of built space are office properties, with elevator properties next occupying 15 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Queens next at 20 percent of the space.

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