Global Asset Properties signs $10.8M refi with Citibank for four properties in Manhattan

Global Asset Properties through the entity 100 Washington Street LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $10.8 million for four properties including the office condo at 40 Rector St in Financial District, Manhattan, retail condo at 485 Seventh Avenue in Garment District, Manhattan, and office condo at 40 Rector St in Financial District, Manhattan.
The deal closed on January 16, 2026 and was recorded on January 29, 2026. The prior lender was China Institute in America|Columbia Capital which held debt that had an original loan amount of nan.The four properties have 10,404 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,038 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 Global Asset Properties was Albert Rabizadeh . The signatory for Citibank was Tracey Spiritus .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 485 7th Avenue.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 485 7th Avenue, PincusCo has identified the owners of nine of the 17 commercial properties representing 852,448 square feet of the 1,583,624 square feet. The largest owner is Empire State Realty Trust, followed by 60 Guilders and then Sioni Group.
On the tax block, there was one new building construction project filed totaling 368,790 square feet. It is a 300-unit, 368,790 square-foot residential (R-2) building submitted by Sioni Group and filed by Jack Yadidi with plans filed December 15, 2021 and permitted January 9, 2024.

The majority, or 92 percent of the 1.6 million square feet of built space are office buildings, with retail buildings next occupying 8 percent of the space.

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