Resnick & Sons Obtains $147M Refi of Manhattan Office Building

November 11, 2025

Finance New York News Northeast More Office

Morgan Stanley and Société Générale funded the new first mortgage.

An affiliate of Jack Resnick & Sons has closed a $147 million first mortgage refinancing of 255 Greenwich St., a 623,700-square-foot Class A office building in Manhattan’s Tribeca submarket. Avison Young arranged the financing.

The 255 Greenwich St. office building in Lower Manhattan — Morgan Stanley and Société Générale funded the 10-year, fixed-rate CMBS loan for the 255 Greenwich St. office building in Lower Manhattan. *Image courtesy of Avison Young*

Morgan Stanley and Société Générale funded the 10-year, fixed-rate CMBS loan, which replaced a loan secured with MetLife 10 years ago.

Avison Young’s Tri-State Debt and Equity Finance team led by Principals & Co-Leads Scott Singer and Andy Singer, Executive Director Kevin Swartz and Senior Director Jeffrey Moroch represented ownership. Remarkably, as The Singer & Bassuk Organization, the same team had arranged the original loan with MetLife 10 years ago.

255 Greenwich spans a full block bounded by Greenwich Street, Park Place, Murray Street and West Broadway, a location that puts it in the heart of the New Downtown, adjacent to the World Trade Center. Prominent tenants include Cornell University, Icahn School of Medicine at Mount Sinai, The City of New York, The City University of New York and Target Corp.

The 14-story property, with ground floor retail and parking, was developed in 1987 by Jack Resnick & Sons, which was founded in 1928 and now spans three generations of family ownership.

An Avison Young spokesperson was unable to provide the building’s overall vacancy, but information provided to Commercial Property Executive by Yardi Matrix indicates that a single space of about 51,600 square feet is currently available.

In a prepared statement, Jonathan Resnick, president of Jack Resnick & Sons, said the transaction was completed and rate-locked on an expedited timeline.

Lending possibly easing, for the right properties

In February, Jack Resnick & Sons nailed down a 10-year lease extension by flexible office space provider Stark Office Suites at 110 E. 59th St. in Manhattan. Stark occupies 26,568 square feet on the 22nd and 23rd floors of the 612,181-square-foot building.

As part of the renewal agreement, the two companies will partner on upgrading Stark’s space, including improvements to the reception and common areas, meeting spaces, kitchenettes and restrooms.

Commercial real estate lending was on an upswing in the third quarter, according to a brand-new report from CBRE, with the company’s Lending Momentum Index at its highest level since 2018.

“This growth was driven by a 36 percent year-over-year increase in permanent loan financing, with particularly strong activity in September,” the report stated.

Tellingly, given the Class A rating and quality tenants of 255 Greenwich, CBRE noted, “Office financing and sales volumes have surged by multiples, not percentages, driven by strong fundamentals in the best assets in high-growth markets.” This performance underscores a healthy office investment volume for top-tier assets. Further, the report stated that CMBS lenders are a much larger force in commercial real estate lending now than a year prior, accounting for 17 percent of lending volume, versus 5 percent a year ago.