Silverstein Properties reduces secured debt at 7 WTC to $457.5M, from $575M in 2012

7 World Trade Center (Credit: Google)

Silverstein Properties through the entity 7 World Trade Center II, LLC as borrower signed a refi loan with lender Bank of New York Mellon as trustee valued at $457.5 million for the office building at 7 World Trade Center in the Financial District, Manhattan.
The deal closed on March 15, 2022 and was recorded on March 25, 2022. The prior loan amount was $575.3 million, given in 2012. The property has 1,636,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $279 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 Silverstein Properties was Michael L. Levy. The signatory for Bank of New York Mellon as trustee was Glenn Kunak.

The property

The 7 World Trade Center parcel has frontage of 205 feet and is 340 feet deep with a total lot size of 47,250 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 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 $448.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Financial District, the majority, or 71 percent of the 85.8 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 18 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.


The borrower

The PincusCo database currently indicates that Silverstein Properties owned at least 10 commercial properties with about 7 million square feet. (Market value is typically about 50% of actual value.) The portfolio has $3 billion in debt, with top three lenders as New York Liberty Development Corporation, Wells Fargo, and Greystone & Co. respectively. Within the portfolio, the bulk, or 90 percent of the 13,254,255 square feet of built space are office properties, with residential elevator properties next occupying 9 percent of the space. They are all located in Manhattan.


Within a 400-foot radius of 7 World Trade Center, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Magnum Real Estate Group borrowed $74.9 million from Ares Management secured by 62 condo units in the 98,707-square-foot, 169-unit mixed-use building (RM) on 140 West Street on May 5, 2021.

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