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Citigroup


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Citigroup is a major bank, with total revenue in 2013 of $76.36 billion and total assets of $1.88 trillion. It is one of the worlds largest financial services firm and the nations third-largest bank in terms of assets.

Given its size, Citigroup is a major lender for commercial real estate transactions in New York City as well as a big source of residential mortgages. Citigroup, for instance, is one of the regular lending sources for SL Green Realty, the citys biggest commercial landlord. It also deals heavily in commercial mortgage-backed securities, and was the top equity underwriter for real estate investment trusts in 2013. Its ATMs and branches dot the cityscape.

Citigroup, which is headquartered at 399 Park Avenue, is led by Chairman Michael ONeill and CEO Michael Corbat. The bank dates from 1812, though the current iteration was forged from a 1998 merger between Citicorp and Travelers Group. Citigroup is the parent corporation to Citibank.

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  • Event Financing
  • Address 250 Livingston Street
  • Neighborhood Brooklyn Heights
  • Borough Brooklyn
  • Price $ 125,000,000
  • Publication Date 06/13/2019
  • Event Date 06/12/2019
  • Party 1 Clipper Equity
  • Party 2 Citigroup
notes
The owner secured a loan of $125 million for the Brooklyn Heights property.
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  • Event Financing
  • Address 57 East 11th Street
  • Neighborhood Greenwich Village
  • Borough Manhattan
  • Price $ 55,000,000
  • Publication Date 05/09/2019
  • Event Date 05/06/2019
  • Party 1 Winter Properties
  • Party 1 Brokerage JLL
  • Party 1 Broker Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz
  • Party 2 Citigroup
notes
The owner secured a loan of $55 million for the Greenwich Village property.
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  • Event Financing
  • Address 59 Maiden Lane
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 1,073,000
  • Price $ 200,000,000
  • Publication Date 05/09/2019
  • Event Date 05/07/2019
  • Party 1 Karfunkel family
  • Party 2 Citigroup
notes
The lender issued a loan of $200 million for the Financial District property.
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  • Event Financing
  • Address 460 Main Street
  • Neighborhood Roosevelt Island
  • Borough Manhattan
  • Price $ 123,000,000
notes
The owner secured a construction loan of $123 million for the Roosevelt Island property.
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  • Event Financing
  • Address 201 East 125th Street
  • Neighborhood East Harlem
  • Borough Manhattan
  • Price $ 188,500,000
notes
The lender issued a loan of $188.5 million for the East Harlem property.
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  • Event Financing
  • Address 16 Court Street
  • Neighborhood Downtown Brooklyn
  • Borough Brooklyn
  • Square feet 317,600
  • Price $ 110,000,000
notes
The urban real estate and infrastructure fund manager secured a loan for $110 million.
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  • Event Financing
  • Address 731 Lexington Avenue
  • Neighborhood Sutton Place
  • Borough Manhattan
  • Square feet 1,402,032
  • Price $ 500,000,000
notes
The firm received a loan.
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  • Event Financing
  • Address 767 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 1,824,820
  • Price $ 2,300,000,000
  • Price per foot $ 1,260.00
notes
The investor secured $2.3 billion in refinances from four different financial institutions.
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  • Event Financing
  • Address 50 Broadway
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 353,000
  • Price $ 62,000,000
  • Publication Date 05/01/2017
  • Event Date 03/16/2017
  • Party 1 UFT (American Federation of Teachers)
  • Party 1 Brokerage Cushman & Wakefield
  • Party 1 Broker Mark P. Boisi, Stephen Bellwood
  • Party 2 Citigroup Global Markets Inc.
notes
The entity secured a $62 million loan with a 10-year fixed rate for its office building in Lower Manhattan
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  • Event Financing
  • Address 111 Livingston Street
  • Neighborhood Brooklyn Heights
  • Borough Brooklyn
  • Square feet 459,100
  • Price $ 120,000,000
notes
The company refinanced the office property's old CMBS loan for $120 million.
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  • Event Financing
  • Address 681 Fifth Avenue
  • Neighborhood Central Midtown
  • Borough Manhattan
  • Square feet 82,573
  • Price $ 215,000,000
  • Publication Date 01/01/2017
  • Event Date 11/17/2016
  • Party 1 UBS, Citigroup
  • Party 2 Metropole Realty Advisors
notes
The company secured a $215 million refinance CMBS loan.
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  • Event Financing
  • Address 8 Times Square
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 215,000
  • Price $ 200,000,000
notes
The company secured a $200 million loan for the office building.
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  • Event Sales
  • Address 388-390 Greenwich Street
  • Neighborhood Tribeca
  • Borough Manhattan
  • Square feet 2,350,000
  • Price $ 1,760,000,000
  • Price per foot $ 748.94
notes
The office building sold for $1.76 billion.
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  • Event Financing
  • Address 5 Penn Plaza
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Price $ 300,000,000
notes
A $300 million commercial mortgage-backed securities loan was provided to the office building.
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  • Event Sales
  • Address 333 West 34th Street
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 347,000
  • Price $ 220,300,000
  • Price per foot $ 634.87
notes
The property sold for $220.3 million. The building is 100 percent leased to four tenants: the Segal Company, the Metropolitan Transportation Authority, Godiva Chocolatier and Sam Ash New York Megastores.
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  • Event Financing
  • Address 420 Park Avenue South
  • Neighborhood NoMad
  • Borough Manhattan
  • Price $ 140,000,000
  • Publication Date 08/01/2012
  • Event Date 06/22/2012
  • Party 1 Brokerage Deerwood Real Estate Capital
  • Party 1 Broker Abe Katz, Mark Silbersher, Russell Kimyagarov
  • Party 2 Citigroup, Redwood Trust
notes
A total of $160 million in loans were provided to refinance the Gansevoort Park Hotel, GlobeSt.com reported. Citigroup refinanced the first mortgage for $140 million, and Redwood refinanced the mezzanine debt in the amount of $20 million. 20-story hotel, 249 rooms total
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  • Event Sales
  • Address 45 West 139th Street
  • Neighborhood Central Harlem
  • Borough Manhattan
  • Price $ 210,000,000
notes
The Savoy Park apartment complex sold for $210 million, Bloomberg News reported. The rent-regulated apartments will remain as affordable housing. AREA Property Partners and Vantage Properties acquired the properties for $175 million in 2006.
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  • Event Office Leasing
  • Address 601 Lexington Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 500,000
notes
The bank signed a lease renewal, the Commercial Observer reported. The company will consolidate seven of its Midtown offices into the building.
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  • Event Financing
  • Address 430 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 61,000
notes
A $55 million financing package was arranged for the acquisition of the building. 5-story office building.
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  • Event Office Leasing
  • Address 666 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 30,000
notes
The bank renewed its lease for a private-banking floor.
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  • Event Office Leasing
  • Address 399 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 62,000
  • Publication Date 05/01/2008
  • Event Date 03/22/2008
  • Party 1 Citigroup
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 2 Eton Park Capital Management
  • Party 2 Brokerage Newmark Grubb Knight Frank
notes
The hedge fund signed a long-term sublease for the entire 10th floor. The firm is relocating from 825 Third Avenue.
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  • Event Office Leasing
  • Address 399 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 62,000
  • Publication Date 05/01/2008
  • Event Date 03/22/2008
  • Party 1 Citigroup
  • Party 1 Brokerage Newmark Grubb Knight Frank
  • Party 2 Eton Park Capital Management
  • Party 2 Brokerage Newmark Grubb Knight Frank
notes
The hedge fund signed a long-term sublease for the entire 10th floor. The firm is relocating from 825 Third Avenue.
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  • Event Sales
  • Address 250 West Street
  • Neighborhood Tribeca
  • Borough Manhattan
  • Square feet 300,000
  • Price $ 201,000,000
  • Price per foot $ 670.00
notes
The property sold for $201 million. The Russian developer, led by Vassily Anisimov, could convert the building to residential use. Elad paid $142 million to Citigroup for the property in June 2006.
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  • Event Sales
  • Building Name 388-390 Greenwich Street
  • Address 390 Greenwich Street
  • Neighborhood Tribeca
  • Borough Manhattan
  • Square feet 2,600,000
  • Price $ 1,575,000,000
  • Price per foot $ 605.77
notes
The two towers sold for $1.575 billion, or $598 per square foot. SL Green will retain a 52.5 percent stake in the downtown complex. Citigroup will lease back the building and cover the costs of operating and maintaining it for 13 years.
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  • Event Sales
  • Address 250 West Street
  • Neighborhood Tribeca
  • Borough Manhattan
  • Square feet 371,000
  • Price $ 142,000,000
  • Price per foot $ 382.75
notes
The building is under contract for $142 million and the transaction is expected to conclude this summer. The property, which was built in 1910, will likely be leased back to Citigroup for two years as Elad draws up plans to convert the property into high-end residential condominiums.
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Former Citigroup Chairman Sandy Weill was one of those who made out like a bandit...

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03/23/2017
Gensler is also working on the revamp of Citigroup's headquarters at 388-390 Greenwich Street...

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12/29/2016
This time, Citigroup exercised an option to buy the two buildings back after selling them to SL Green Realty and Ivanhoe Cambridge in 2007 for $1.6 billion...

NYC's 10 biggest office leases signed in August
09/22/2016
The department will sublease two floors from Citigroup, the company that occupies the majority of the tower’s space...

Let the hunt begin!
07/01/2016
All in all, financial firms in New York are typically in need of the most office space, since many of the nation’s largest banks are headquartered in Manhattan and occupy millions of square feet in the borough. Some of the financial giants that have a large footprint in the city and are not in the market for new space include JPMorgan Chase, Citigroup and Morgan Stanley...

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01/26/2016
The firm’s 4.67 million square feet of occupied space is just ahead of another financial titan, Citigroup, which takes up 4.49 million square feet...

Lagging at the top of the market
04/01/2015
Click to enlarge With a handful of record sales in the past year, there’s no question Manhattan real estate has entered a new stratosphere. But Click to enlarge With a handful of record sales in the past year, there’s no question Manhattan real estate has entered a new stratosphere. But...

25 over $30 (million)
01/02/2015
The priciest closed sale of the year was hedge-funder Israel Englander’s (left) purchase of the former French Ambassador’s residence at 740 Park Avenue for The priciest closed sale of the year was hedge-funder Israel Englander’s (left) purchase of the former French Ambassador’s residence at 740 Park Avenue for...

New buyers, one broker rule in 2014 building sales
01/02/2015
Boston Properties sold a 45 percent interest in Citigroup Center at 601 Lexington Avenue to Norges Bank Investment Management, an arm of the central bank of Norway, for about $725 million...

The ‘quietest borough’ is making some noise
10/01/2014
Also among the recent deals is the planned sale of One Court Square, the Citigroup building...

Manhattan office leasing ends 2013 with a bang
01/01/2014
First, Citigroup opted to stay at its 2.7 million-square-foot offices at SL Green’s 388-390 Greenwich Street, in a renewal and gut renovation deal that is valued at over $1 billion (see "The office building comeback")...

Midtown South lifts overall market
06/01/2012
Midtown South has done the heavy lifting so far this year to bring down the availability rate in the Manhattan office market. Midtown and Downtown,Midtown South has done the heavy lifting so far this year to bring down the availability rate in the Manhattan office market. Midtown and Downtown,...

For the record
01/03/2012
Even in a year marked by continued economic malaise, buyers, sellers, landlords, lenders, builders, investors and even tourists broke records in New York in 2011.Even in a year marked by continued economic malaise, buyers, sellers, landlords, lenders, builders, investors and even tourists broke records in New York in 2011....

Sublease space creeps back onto market
10/03/2011
Just weeks after Lehman Brothers Holdings filed for bankruptcy, financial institutions like MetLife, Citigroup and Bank of America dumped more than 1 million square feet of this so-called sublease space on the market...

A tale of two towers
05/02/2011
The stories of two of Larry Silverstein’s World Trade Center towers -- one long completed, and one still under construction -- told two sides of The stories of two of Larry Silverstein’s World Trade Center towers -- one long completed, and one still under construction -- told two sides of...

The rising tide of commercial deals
10/01/2010
Leading the way was the monster $155 million deal involving the City University of New York Law School’s new campus, which closed in March and led all other deals by a huge margin. CUNY bought six floors â€' 260,000 square feet â€' of a Citigroup-owned building at 2 Court Square in Long Island City...

Luxe gets pinch of reality: A look at Manhattan's top sales
04/01/2008
"When there are trophy properties out there, especially 15 , they get snapped up," said Brown Harris Stevens' Blackmon, who sold Penthouse 20 at 15 Central Park West to Citigroup chairman emeritus Sanford Weill for $42.4 million...

The Commercial Slowdown
12/05/2007
Late last month, World Trade Center developer Larry Silverstein teamed up with the California-based CalSTRS pension fund to purchase 1177 Sixth Avenue for over $1 billion from the Paramount Group. Also last month: The Paramount Group purchased a 700,000-square-foot office tower at 31 West 52nd Street from Deutsche Bank for more than $500 million. And the Shorenstein Co. was said to be negotiating to buy the Citigroup tower at 388 Greenwich Street for $1.6 billion, which would be the fourth-biggest building sale in U.S...

Top Office Leasing Brokers
06/01/2004
His most ingenious deal in 2003 involved filling up 60,000 square feet of space for his client Boston Properties at more than $60 a square foot in a weak market. That deal involved two floors vacated by O'Melveny & Meyers in midtown's Citigroup Center in April...