United American Land signs $56M refi with Citibank for office in SoHo

United American Land through the entity 71 Spring LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $56 million for the office building (O5) at 71 Spring Street in SoHo, Manhattan.
The deal closed on June 10, 2025 and was recorded on June 17, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $36 million.The property has 56,340 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $993 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 June 8, 2004, for $14.3 million. The signatory for United American Land was Albert Laboz . The signatory for Citibank was Ana Rosu Marmann .

Prior sales and revenue

The 56,340-square-foot property generated revenue of $5.7 million or $101 per square foot, according to the most recent income and expense figures.

The property

The office building in SoHo has 56,340 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 103 feet deep with a total lot size of 10,412 square feet. The lot is irregular. The zoning is M1-5/R7D which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $25 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 $9,275 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 10, 2013. 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.3 times the average sales volume among other neighborhoods with $622.8 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 351,508 square feet of commercial and multi-family construction under development in the last two years, which represents 4 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 15 commercial properties representing 238,293 square feet of the 268,509 square feet. The largest owner is Firmdale Hotels, followed by Greystone Management and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 268,509 square feet of built space are office buildings, with hotel buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that United American Land owned at least 53 commercial properties with 265 residential units in New York City with 991,802 square feet and a city-determined market value of $363.9 million. (Market value is typically about 50% of actual value.) The portfolio has $476.6 million in debt, with top three lenders as Signature Bank, Goldman Sachs, and Israel Discount Bank respectively. Within the portfolio, the bulk, or 37 percent of the 991,802 square feet of built space are mixed-use properties, with elevator properties next occupying 22 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

Direct link to Acris document. link