{"id":1004709707,"date":"2024-04-10T02:44:08","date_gmt":"2024-04-10T10:44:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709707"},"modified":"2024-04-10T06:07:03","modified_gmt":"2024-04-10T14:07:03","slug":"williams-equities-secures-155m-for-manhattan-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/","title":{"rendered":"Williams Equities Secures $155M for Manhattan Property"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004709710\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/28_40-w-23\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"28_40 W 23\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;28-40 West 23rd Street in Manhattan is anchored by Home Depot. Image courtesy of Williams Equities&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg\" alt=\"\" class=\"wp-image-1004709710\" style=\"width:352px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">Home Depot anchors the retail component of 28-40 W. 23rd St. <em>Image courtesy of Williams Equities<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Williams Equities has landed a $155 million CMBS loan to refinance a Manhattan office asset. Citi Real Estate Funding Inc. provided the five-year financing for the property located at 28-40 W. 23rd St.<\/p>\n\n\n\n<p>Proceeds replace existing debt and will fund upgrades to the property and its amenities. In 2014, Williams Equities took out a $140 million CMBS loan from Deutsche Bank, due to mature this July, according to CommercialEdge information.<\/p>\n\n\n\n<p>\u201cThis difficult financing environment favors best-in-class assets with stabilized income,\u201d Andrew Roos, principal at Williams Equities, told <em>Commercial Property Executive<\/em>. \u201cThis new CMBS refinance with Citi also enables us to recognize proceeds that will allow us to provide additional amenities for the complex, including a significant upgrade to the\u00a0atrium and a new sky deck, providing outdoor space for tenants,\u201d he added.<\/p>\n\n\n\n<p>Roos worked together with Principals Michael T. Cohen and Robert Getreu, as well as with Senior Advisors Jessica Verdi and Mac Roos, in facilitating the deal. Citigroup\u2019s Joe Dyckman represented the lender.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-flatiron-district-property-up-close\">The Flatiron District property, up close<\/h2>\n\n\n\n<p>The two-building complex totaling 578,105 square feet formerly housed the Stern Brothers department store. The 12-story retail asset was originally completed in 1879 and 1901 and converted to office use in 1982, CommercialEdge data shows. Floorplates range between 25,000 and 67,500 square feet.<\/p>\n\n\n\n<p>Office tenants include Estee Lauder and Ramp, a fintech company which decided to <a href=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-66-ksf-manhattan-lease\/\" target=\"_blank\" rel=\"noreferrer noopener\">relocate its Manhattan offices<\/a> to the property last September. Home Depot anchors the retail component of the complex with space on the lower level, ground floor and mezzanine totaling 118,500\u00a0square feet. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-sales-february-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top 5 NYC Office Sales \u2013 February 2024<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Over the past several years Williams Equities has already completed improvements to the asset including new lobbies and a more energy efficient infrastructure.<\/p>\n\n\n\n<p>Anticipated upgrades will target the atrium, skylights and roof deck amenity space on the 28 W. 23rd St. building. Williams Equities also plans to create a triplex penthouse suite with private outdoor space atop 40 W. 23rd St.<\/p>\n\n\n\n<p>Situated between Fifth and Sixth Avenue in the Flatiron District, the office asset is within a couple blocks of dining and retail options as well as Madison Square Park. Several subway lines and bus routes are nearby.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proceeds will replace an existing loan due to mature this summer.<\/p>\n","protected":false},"author":3006,"featured_media":1004709710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[33169,35826],"class_list":["post-1004709707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-citigroup-inc","tag-cmbs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Williams Equities Secures $155M for Manhattan Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Williams Equities has obtained a $155 million CMBS loan from Citigroup to refinance 28-40 W. 23rd St., an office property in Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Williams Equities Secures $155M for Manhattan Property\" \/>\n<meta property=\"og:description\" content=\"Williams Equities has obtained a $155 million CMBS loan from Citigroup to refinance 28-40 W. 23rd St., an office property in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-10T10:44:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-10T14:07:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/28_40-W-23.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/\",\"name\":\"Williams Equities Secures $155M for Manhattan Property - 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