Citigroup Refis Chelsea Office Property With $33M Loan
By Andrew Coen January 16, 2024 8:00 am
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Kaufman Organization has landed a $33 million loan to refinance an office and retail asset in Manhattan’s Chelsea neighborhood, Commercial Observer can first report.
Citigroup (C) provided the loan on 111 West 19th Street, an eight-story building that Kaufman Organization has owned for more than 70 years.
JLL (JLL)’s Aaron Niedermayer arranged the transaction.
The 111 West 19th Street building has a diverse mix of office tenants including digital platform Outbrain, which signed a long-term lease in 2021 for 25,000 square feet on the entire third floor to house its headquarters. Other office tenants include logistics company Flexport and New Fortress Energy.
The building’s retail portion is occupied by Kleinfeld Bridal, made famous by the “Say Yes to the Dress” television show.
“The property stands out in the market as a destination for tenants seeking a superior quality building and the benefits of a dynamic Chelsea location,” Niedermayer said in a statement. “This transaction demonstrates that lenders continue to aggressively compete for well-located, high-quality office assets.”
Officials at Citigroup and the Kaufman Organization did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
