Witkoff, Cammeby’s sign $278.9M refi with Blackstone for Woolworth office in FiDi

Witkoff and Cammeby’s International Group through the entity 233 Broadway Borrower LLC as borrower signed a refi loan with an affiliate of the Blackstone Group valued at $278.9 million for the office condo at the landmarked Woolworth Building at 233 Broadway in the Financial District, Manhattan.
The deal closed on March 7, 2025 and was recorded on March 24, 2025. The prior loan amount was $256 million. The property has 777,247 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $358 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 Witkoff and Cammeby’s International Group was Eli Schron of Cammeby’s International Group. The signatory for Blackstone Group was Robert Sitman . This is for the commercial portion of the Woolworth Building. The loan documents state Wells Fargo is the “participation custodial agent” for the participating lenders within Blackstone’s entity CT Investment Management.

Traded NY reported the entire debt was $301.6 million.

The property

The office condo in Financial District has 777,247 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 777,247 square feet. The city-designated market value for the property in 2022 is $138.4 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

For the tax lot building, it received its initial certificate of occupancy on January 5, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by WOOLWORTH 100 OWNER LLC to create 34 residential units in a building at 2 Park Place in Financial District, Manhattan, called Woolworth Tower Residencesthat has a $391.3 million sellout, according to an March 11, 2014 submission to the New York State Attorney General. The principal of the sponsor, WOOLWORTH 100 OWNER LLC, was Kenneth Horn.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 12.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Cammeby’S International Group owned at least 129 commercial properties with 16,678 residential units in New York City with 16,389,220 square feet and a city-determined market value of $1.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 16,389,220 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.

Direct link to Acris document. link