Two Trees Management signs $83M refi with Citibank for office in Flatiron District

Two Trees Management through the entity 50 West 23rd Street LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $83 million for the office building (O6) at 50 West 23rd Street in Flatiron District, Manhattan.
The deal closed on January 29, 2026 and was recorded on February 10, 2026. The prior lender was M&T Bank which held debt that had an original loan amount of $95 million.The property has 284,930 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $291 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 November 12, 2010, for $129.5 million. The signatory for Two Trees Management was Amish Patel . The signatory for Citibank was Ana Rosu Marmann .

Prior sales, articles and revenue

The 284,930-square-foot property generated revenue of $18.5 million or $65 per square foot, according to the most recent income and expense figures.

The property

The office building in Flatiron District has 284,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 172 feet and is 197 feet deep with a total lot size of 19,751 square feet. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $105.5 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 $3,125 in ECB penalties and $8,900 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 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 2.2 times the average sales volume among other neighborhoods with $707.2 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 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 eight of the 18 commercial properties representing 1,314,600 square feet of the 1,525,774 square feet. The largest owner is Williams Equities, followed by Pan Am Equities and then Two Trees Management.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Two Trees Management owned at least 34 commercial properties with 1,229 residential units in New York City with 3,443,419 square feet and a city-determined market value of $820.2 million. (Market value is typically about 50% of actual value.) The portfolio has $2.1 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and M&T Bank respectively. Within the portfolio, the bulk, or 50 percent of the 3,443,419 square feet of built space are office properties, with elevator properties next occupying 37 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

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