Union of Orthodox Jewish Congregations borrows $43M from bondholders for acquisition in Financial District

The Union of Orthodox Jewish Congregations of America as borrower signed a loan agreement with lender Build NYC Resource Corporation for bonds valued at $43 million for 2 parcels, including the tax class office condominium (RB) at 40 Rector Street in the Financial District. The deal closed on January 1, 2021 and was recorded on February 19, 2021.
The property contains a total of 24,412 square feet of built space.
The average loan per buildable square foot is $881.
The financing was for the acquisition and rehabilitation of the two condo units. The proposed renovations of the facility will include the build-out of offices and conference rooms, workstations, kitchens, and other work areas.
The last time the property sold was when the Union bought the units on January 14, 2021 for $25,013,417.
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