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

The building, at 22 Cortlandt Street, is home to a Century 21.

Nov.November 16, 2018 05:30 PM

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.

Related Articles

Dean & Deluca CEO Sorapoj Techakraisri and Midtown Equities founder Joseph Cayre (Credit: Craig Barritt/Getty Images, Facebook, iStock)

In Chapter 11 filing, Dean & DeLuca reveals it owes Midtown Equities $22M

Jason Lee and 435 West 19th Street (Credit: Larry Ford, Google Maps)

West Chelsea’s Pool House condo project heads to bankruptcy auction

Ample Hills Creamery co-founders Brian Smith and Jackie Cuscuna (Credit: Ilya S. Savenok/Getty Images for NYCWFF; iStock)

Ample Hills Creamery to lay off all 101 of its workers

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Amazon CEO Jeff Bezos in front of Fairway Market in Brooklyn (Credit: MANDEL NGAN/AFP via Getty Images; Jules Antonio via Flickr)

Amazon seeking to purchase 4 Fairway locations after grocery’s bankruptcy filing

Ample Hills Creamery co-founders Brian Smith and Jackie Cuscuna with Ample Hills Creamery Gowanus at 305 Nevins Street (Smith and Cuscuna by Ilya S. Savenok/Getty Images for NYCWFF; Google Maps)

Ample Hills Creamery files for bankruptcy

Modell’s CEO Mitch Modell and a Modell’s store (Credit: Photo by Paul Bruinooge/Patrick McMullan via Getty Images, iStock)

Modell’s Sporting Goods will close all 141 stores

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M