TPG, Premier sign $34.5M refi with Tremont Realty Capital for retail in Morningside Heights

TPG Angelo Gordon and Premier Equities through the entity AG-Premier 2875 Broadway Owner, L.L.C. as borrower signed a refi loan with lender Tremont Realty Capital through the entity Trmt Cb Lender LLC valued at $34.5 million for the retail building (O5) at 2875 Broadway in Morningside Heights, Manhattan.
Tremont Realty Capital is the commercial real estate finance division of the RMR Group. The public company Seven Hills Realty Trust is the capital source for Tremont, which is a direct lender.
The deal closed on September 5, 2025 and was recorded on September 16, 2025. The prior lender was Ladder Capital which held debt that had an original loan amount of $35 million.The property has 24,400 square feet of built space and 28,982 square feet of additional air rights for a total buildable of 53,355 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,413 and the price per buildable square foot is $646 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 owner bought the property on October 28, 2021, for $35 million. The signatory for TPG Angelo Gordon was Savanna Steinberg . The signatory for Tremont Realty Capital was Matthew Brown .

Prior sales and revenue

The 24,400-square-foot property generated revenue of $3.2 million or $133 per square foot, according to the most recent income and expense figures.

The property

The retail building in Morningside Heights has 24,400 square feet of built space and 28,982 square feet of additional air rights for a total buildable of 53,355 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 75 feet deep with a total lot size of 8,863 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.1 million. Ladder Capital on October 29, 2021 bought a loan with an original principal of 35000000.0 from Ladder Capital signed by Savanna Steinberg, secured by 2875 Broadway, when owned by TPG Angelo Gordon.

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 $8,450 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 Morningside Heights, The bulk, or 45 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 43 percent of the space. In sales, Morningside Heights has the 41st highest sale turnover among other neighborhoods in Manhattan with $40.7 million in sales volume in the last two years. For development, Morningside Heights has had very little major development activity relative to other neighborhoods.It had 363,969 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 block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 24,400 square feet of the 440,955 square feet. The identified owner is Angelo Gordon.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 440,955 square feet of built space are specialty buildings, with hotel buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Tpg Angelo Gordon owned at least one commercial property in New York City with 56,384 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Manhattan.

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