Olmstead Properties signs $125M refi for office in Garment District, down from $176M

Olmstead Properties through the entity 525 Delaware LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc.. valued at $125 million for the office building (O4) at 525 Seventh Avenue in Garment District, Manhattan.
The deal closed on November 4, 2025 and was recorded on November 14, 2025. The prior lender was Series 2015-UBS8 which held debt that had an original loan amount of $176 million.The property has 411,074 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $304 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 Olmstead Properties was Samuel W. Rosenblatt . The signatory for Citibank was Ana Rosu Marmann.

Prior sales and revenue

The 411,074-square-foot property generated revenue of $23.6 million or $57 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 411,074 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 200 feet deep with a total lot size of 19,750 square feet. The zoning is C5-3 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 city-designated market value for the property in 2022 is $120.2 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 $8,625 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 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 8th 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 10.5 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 were seven pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 2,166,587 square feet of the 2,633,484 square feet. The largest owner is Shorenstein Properties, followed by Empire State Realty Trust and then L.H. Charney Associates.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 2.6 million square feet of built space are office buildings, with mixed-use buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Olmstead Properties owned at least three commercial properties in New York City with 560,055 square feet and a city-determined market value of $134.1 million. (Market value is typically about 50% of actual value.) The portfolio has $130 million in debt, borrowed from Lincoln Life & Annuity Company of New York. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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