Richard Talmadge signs $30M refi for office, retail in SoHo bought in 1986

Richard Talmadge through the entity 120 Wooster LLC as borrower signed a refi loan with the family-affiliated lender Tri-Star Funding through the entity Tri-Star Funding Corp valued at $30 million for the office and retail building (O5) at 120 Wooster Street in SoHo, Manhattan.
The deal closed on August 25, 2025 and was recorded on August 29, 2025. The prior lender was Bank of New York Mellon which held debt that had an original loan amount of $30 million. The property has 52,526 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $571 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 Richard Talmadge was Richard Talmadge. The signatory for Tri-Star Funding was Travis Talmadge . Richard Talmadge bought the building in April 1986. His son Travis provided the loan through Tri-Star Funding, a company created July 9, 2025.

Prior sales and revenue

The 52,526-square-foot property generated revenue of $5 million or $95 per square foot, according to the most recent income and expense figures.

The property

The office building in SoHo has 52,526 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 100 feet deep with a total lot size of 10,100 square feet. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $24.4 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 received one DOB violation, $625 in ECB penalties, and $675 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.8 times the average sales volume among other neighborhoods with $799.6 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 413,905 square feet of commercial and multi-family construction under development in the last two years, which represents 4 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 owners of three of the 10 commercial properties representing 60,771 square feet of the 136,291 square feet. The two identified owners are Invesco and Morgan Stanley Real Estate Advisor.
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 136,291 square feet of built space are office buildings, with mixed-use buildings next occupying 12 percent of the space.

Direct link to Acris document. link