Williams Equities signs $15M refi with Citibank for office in Park Avenue South

Williams Equities through the entity 38e32 Street LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $15 million for the office building (O6) at 38 East 32nd Street in Park Avenue South, Manhattan.
The deal closed on December 3, 2025 and was recorded on December 10, 2025. The prior lender was John Hancock Life Insurance which held debt that had an original loan amount of $15 million.The property has 88,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $170 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 Williams Equities was William E. Stempel.

Prior sales and revenue

The 88,000-square-foot property generated revenue of $4.8 million or $55 per square foot, according to the most recent income and expense figures.

The property

The office building in Park Avenue South has 88,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 98 feet deep with a total lot size of 6,912 square feet. 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 city-designated market value for the property in 2022 is $16.7 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 not received any significant violations 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 Park Avenue South, The majority, or 67 percent of the 9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 16 percent of the space. In sales, Park Avenue South has 1.9 times the average sales volume among other neighborhoods with $567.4 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Park Avenue South has had very little major development activity relative to other neighborhoods.It had 578,546 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 1,425,673 square feet of the 2,092,839 square feet. The largest owner is Williams Equities, followed by Rosen Equities and then Richard Henry Briance.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 2.1 million square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Williams Equities owned at least four commercial properties in New York City with 1,035,566 square feet and a city-determined market value of $446.5 million. (Market value is typically about 50% of actual value.) The portfolio has $320 million in debt, with top three lenders as Citibank, MetLife, and 3650 REIT respectively. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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