The Real Deal New York

Investor Moshe Drizin secures $75M loan for FiDi office tower

The building, at 22 Cortlandt Street, is home to a Century 21.
By Christian Bautista | November 16, 2018 05:30PM

22 Cortlandt Street (Credit: Google Maps)

Mayore Estates, a partnership led by investor Moshe Drizin, landed a $75 million mortgage for Financial District office building 22 Cortlandt Street.

The debt replaces a $65 million New York Community Bank loan from 2012, according to property records. The new mortgage, also from New York Community Bank, includes a $10 million gap mortgage.

The property, which sits mid-block between Church Street and Broadway, is a 34-story office tower that spans 647,900 square feet. The base of the building is home to a multi-level Century 21 department store.

Drizin and his partners filed for Chapter 11 bankruptcy protection for the building in 2003. The property lost rental revenue when it was temporarily closed after the 9/11 attacks. It was fully leased before the incident. After the terrorist attack, some of the tenants in the building either left or sued Drizin and his partners, according to the New York Post.

The New York City Office of Labor Relations recently signed a 53,700-square-foot lease at the property. Other tenants in the building include office suites provider Allied Offices and employment nonprofit Seedco.

Drizin is one of the partners at investment firm Citadel Estates. Citadel, which is known for owning the St. George Hotel in Brooklyn, recently acquired a 15-building, 566-unit multifamily portfolio that mostly includes properties in Crown Heights, Flatbush and Midwood. Drizin could not be reached for comment.