Williams Equities Secures $155M from Citigroup for Iconic Manhattan Office Space

Williams Equities secures a $155 million CMBS loan from Citi Real Estate Funding Inc. to refinance a Manhattan office asset located at 28-40 W. 23rd St. The loan replaces existing debt and will be utilized for property upgrades and enhancements.

Key Players and Deal Facilitation
Andrew Roos, principal at Williams Equities, spearheaded the deal alongside Principals Michael T. Cohen and Robert Getreu, and Senior Advisors Jessica Verdi and Mac Roos. Citigroup’s Joe Dyckman represented the lender in the transaction.

Property Overview
The complex, spanning 578,105 square feet, comprises two buildings that previously housed the Stern Brothers department store. Originally built in 1879 and 1901, the structures were converted to office use in 1982. Office tenants include Estee Lauder and Ramp, with Home Depot anchoring the retail space.

Past and Planned Enhancements
Williams Equities has already implemented upgrades such as new lobbies and improved energy efficiency. Planned enhancements include renovations to the atrium, skylights, and roof deck amenity space. Additionally, a triplex penthouse suite with private outdoor space will be created atop one of the buildings.

Location and Accessibility
Situated in the Flatiron District between Fifth and Sixth Avenue, the office asset offers proximity to dining, retail options, and Madison Square Park. It is conveniently located near several subway lines and bus routes.