Greystone Lands Refi for Manhattan Building
Built in 1900, the property went through complete renovations 20 years ago.
Greystone Management has obtained $25.3 million in refinancing for 75-77 Spring St., a nine-story office building in Manhattan’s SoHo neighborhood, according to CommercialEdge information. Bank of New York Mellon provided the note for the 54,800-square-foot property.
Previous financing included a $30 million loan originated by Sammons Financial Group in 2015, according to the same source, and an $8.2 million loan from Wells Fargo Bank dating back to 2004.
Greystone Management acquired the building in May 1972 from Martrice Realty. The mid-rise was built in 1900 and went through complete renovations in 2005. ABS Partners Real Estate handles leasing efforts.
Located in Lower Manhattan, the property is adjacent to the Spring St. subway station and 2 miles from Empire State Building. John F. Kennedy International Airport is about 18 miles away.
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The Class B mid-rise features floorplates ranging between 5,000 and 6,400 square feet, as well as 5,000 square feet of first-floor retail space. Additionally, the building has two passenger elevators. The tenant roster includes Spring Street Dermatology, J. Crew, Smoke & Mirrors and Raven Capital Management, according to CommercialEdge information.
A spike in office loan originations
In the first quarter of this year, originations for office properties at a national level increased 205 percent year-over-year, according to a report by the Mortgage Bankers Association. Compared to the last quarter of 2024, there was a 44 percent increase in loan originations for this asset type.
Last week, Blackstone has obtained a $850 million CMBS loan to acquire a 49 percent stake in Fisher Brothers’ 1345 Avenue of the Americas, a 1.9 million-square-foot tower in Midtown Manhattan. Morgan Stanley, together with Citigroup and JPMorgan Chase, formed the lending syndicate.
Earlier in April, Picchio International obtained a $193.1 million refinancing loan for 180 Maiden Lane, a 1.2 million-square-foot office tower in Manhattan. Wilmington Trust issued the note.
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