Kushner Companies signs $17M refi loan with Citibank for retail in Nolita

Kushner Companies through the entity 285 Lafayette C2 LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc valued at $17 million for the retail condo at 285 Lafayette Street in Nolita, Manhattan.
The deal closed on September 29, 2025 and was recorded on October 2, 2025. The prior lender was Axos Bank which held debt that had an original loan amount of $16.3 million.The property has 14,705 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,156 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 Kushner Companies was Ben Curtiss . The signatory for Citibank was Ana Rosu Marmann .

The property

The retail condo in Nolita has 14,705 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 14,705 square feet. The city-designated market value for the property in 2022 is $5.4 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 12, 2017. 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 Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $94.8 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 432,258 square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 274,687 square feet of the 279,687 square feet. The largest owner is Olnick Organization, followed by Intervest Capital Partners and then Warren Freyer.
On the tax block, there was one new building construction project filed totaling 57,427 square feet. It is a 57,427 square-foot business (B) building submitted by Stephanie Gomez with plans filed September 9, 2014 and permitted August 29, 2016.

The majority, or 82 percent of the 279,687 square feet of built space are office buildings, with mixed-use buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Kushner Companies owned at least 29 commercial properties with 514 residential units in New York City with 463,342 square feet and a city-determined market value of $164 million. (Market value is typically about 50% of actual value.) The portfolio has $485.8 million in debt, with top three lenders as AIG, Argentic Investment Management, and MSC 2019-L3 respectively. Within the portfolio, the bulk, or 55 percent of the 463,342 square feet of built space are walkup properties, with office properties next occupying 20 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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