Stellar Management signs $80M refi with Lone Star Funds for office in NoMad

Stellar Management through the entity Croisic Building LLC as borrower signed a refi loan with lender Lone Star Funds through the entity Lsref7 Size LLC valued at $80 million for the office building (O6) at 218 Fifth Avenue in NoMad, Manhattan.
Stellar Management controls the property as a ground lease tenant. The landlord is an affiliate of Dino Tomassetti Jr.
The deal closed on February 26, 2025 and was recorded on March 27, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $80 million.
The property has 150,888 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $530 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 Stellar Management was Adam Roman . The signatory for Lone Star Funds was Laura Sims. Dino Tomassetti Jr. affiliates own the fee. New York Community Bank, which now operates as Flagstar Bank, originated the $80 million loan in 2022.

Lone Star Funds have been active purchasers of notes in New York City.

Prior sales and revenue

The 150,888-square-foot property generated revenue of $10.7 million or $71 per square foot, according to the most recent income and expense figures.

The property

The office building with 1 residential units in NoMad has 150,888 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 127 feet deep with a total lot size of 7,112 square feet. The lot is irregular. The zoning is C5-2 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 property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $38 million. The most recent loan totaled $26 million and was provided by JPMorgan Chase on August 30, 2023.

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 $625 in ECB penalties and $2,995 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 27, 2014. 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 NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has near average sales volume among other neighborhoods with $300.1 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, NoMad has 2.1 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 33 commercial properties representing 1,217,763 square feet of the 1,924,865 square feet. The largest owner is J.P. Morgan Asset Management, followed by Gfp Real Estate and then Dino Tomassetti Jr..
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 1.9 million square feet of built space are office buildings, with elevator buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 82 commercial properties with 7,762 residential units in New York City with 10,248,606 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.3 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Helaba respectively. Within the portfolio, the bulk, or 77 percent of the 10,248,606 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.

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