Feil signs $51.5M refi with Goldman Sachs for office in Flatiron District

Feil Organization through the entity 257 Park Avenue South Fee Owner, LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $51.5 million for the office building at 257 Park Avenue South in Flatiron District, Manhattan.
The deal closed on February 27, 2025 and was recorded on April 24, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $50 million.

The building with 189,547 square feet is divided into three commercial condominium units. The loan price per built square foot is $272 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 Goldman Sachs was Emma Berry .

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 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 $453.2 million in debt, with top three lenders as Morgan Stanley, Deutsche Bank, 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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