TF Cornerstone borrows $145M from M&T Bank for multifamily property in Lenox Hill

TF Cornerstone through the entity 201 East 69 LLC as borrower signed a loan agreement with lender M&T Realty Capital, a division of M&T Bank, valued at $145 million for 2 parcels, including the tax class multifamily, fireproof – with stores (D6) and containing 314 residential units at 201 East 69th Street, 203 East 69th Street in Lenox Hill. The deal closed on December 31, 2019 and was recorded on January 2, 2020.
The property contains a total of 330,000 square feet of built space.
The average loan per unit is $461,783.
The total debt was upped from $100 million provided in 2010. The new debt of $145 million was assigned to Freddie Mac. The last time the property sold was March 17, 2010, for $66,014,547.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 300 residential units on October 15, 2019.
Over the past five years, there have been 13 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 $50,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $6,799,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link