Citibank Provides $56 Million Refinance Loan For Albert Laboz's Office At 71 Spring Street
71 Spring Street
$56,000,000
$994/SF
Building Size
56,340 SF
Asset Type
Office
Closing
Jun 10, 2025
About this deal
AI
The property asset involved is a 56,340-square-foot office building located at 71 Spring Street in the SoHo market of Manhattan. The transaction features a loan amount of $56,000,000 through a refinance arrangement. This transaction replaces a prior loan of $36,000,000 from JPMorgan Chase.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $56,000,000
- Lender: Citibank
- Landlord: Albert Laboz - United American Land
The deal is notably supported by Citi Real Estate Funding, which facilitated the refinancing process. Albert Laboz is identified as the landlord associated with the asset, representing United American Land in this financial transaction.
On the Map
$56,000,000
$994/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93