SL Green Realty signs $1.4B refi at 11 Madison office building in Flatiron District

SL Green Realty through the entity 11 Madison Avenue Owner LLC as borrower signed a refi loan with lenders Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs, Deutsche Bank, and Bank of Montreal valued at $1.4 billion for the office building at 11 Madison Avenue in Flatiron District, Manhattan.
The deal closed on September 17, 2025 and was recorded on September 23, 2025. The prior lender was the securitized loan trust MAD 2015-11MD Mortgage Trust which held debt that had an original loan amount of $1.1 billion.

The building is divided into 34 commercial condominium units, which have 1,523,945 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $918 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 SL Green Realty was Andrew S. Levine. The signatories for Wells Fargo , JPMorgan Chase , Bank of America , Goldman Sachs , Deutsche Bank , and Bank of Montreal were Jeffrey L. Cirillo , Jessica Wong , Robert Fenstemaker, Robert Kivell , Brandon Atkins , Peter Castro , and Michael S. Birajiclian.

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 11 Madison Avenue.

The property

The office condo in Flatiron District has 1,523,945 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 79,399 square feet. The city-designated market value for the property in 2022 is $37.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the 34 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2 times the average sales volume among other neighborhoods with $565 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Flatiron District has 3.4 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 4.8 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 were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The borrower

The PincusCo database currently indicates that SL Green Realty owned at least 38 commercial properties with 892 residential units in New York City with 18,255,390 square feet and a city-determined market value of $7.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 93 percent of the 18,255,390 square feet of built space are office properties, with elevator properties next occupying 4 percent of the space. They are all located in Manhattan.

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