SL Green Realty borrows $82.2M from Wells Fargo for property acquisition in Plaza District

SL Green Realty through the entity Thor Fifth Avenue LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $82.2 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 590 5th Avenue in Plaza District. The deal closed on October 26, 2020 and was recorded on November 10, 2020.
The property contains a total of 93,123 square feet of built space.
The average loan per buildable square foot is $883.
SL Green Realty assigned the loan it held against the property when it was owned by Thor Equities, to Wells Fargo. SL Green took control of the property last month.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 14, 2018.
Over the past five years, there have been 24 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $44,919. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $2,504,056.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link