Fosun International signs $900M refi for office in Financial District

Fosun International through the entity Summit Glory Property LLC as borrower signed a refi loan with lender JPMorgan Chase, Goldman Sachs, and Deutsche Bank valued at $900 million for the office building (O4) at 28 Liberty Street in Financial District, Manhattan.
The deal closed on October 24, 2025 and was recorded on October 28, 2025. The prior lender was Deutsche Bank which held debt obtained in 2019 that had an original loan amount of $1 billion. The property has 2,224,200 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $404 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 June 11, 2024, for $27.6 million. The signatory for Fosun International was Wei Bo . The signatory for JPMorgan Chase , Goldman Sachs , and Deutsche Bank was John Spears and Siddharth Shrivastava .

Crain’s New York first reported that Fosun was close to closing this deal.

Prior sales and revenue

The 2,224,200-square-foot property generated revenue of $132.9 million or $60 per square foot, according to the most recent income and expense figures.

The property

The office building in Financial District has 2,224,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 409 feet and is 312 feet deep with a total lot size of 112,555 square feet. The lot is irregular. The zoning is C5-5 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 property is in the Individual Landmark. The city-designated market value for the property in 2022 is $9 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 one DOB violation and $22,985 in OATH penalties in the last year.

Development

On the lot, there are five active new building construction projects and major alteration projects with initial costs more than $5 million. The largest, 121190512, is a major alteration project for a 2,288,490 square-foot E building submitted by Jason Berkeley with plans filed March 24, 2016 and it has not been permitted yet. The second largest, 121208816, is a major alteration project for a 2,288,490 square-foot B building submitted by Jason Berkeley with plans filed October 14, 2020 and permitted April 8, 2021.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 16 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. 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 owner of the one commercial property that spans that spans 2,224,200 square feet on the block.The identified owner is Fosun International.
There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Fosun International owned at least one commercial property in New York City with 2,224,200 square feet and a city-determined market value of $464.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, borrowed from HSBC Bank and Deutsche Bank. The portfolio consists of at least a single office property. It is located in Manhattan.

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