$426M note on SJP’s UWS tower assigned to Mitsui Fudosan affiliate

An affiliate of Mitsui Fudosan America through the entity MFA Finance LLC acquired the construction and land loan with an original principal of $426 million from Sumitomo Mitsui Trust Bank. Mitsui Fudosan is a co-developer with SJP Properties of the 112-unit high-end condo tower at 200 Amsterdam Avenue in Lincoln Square.  The deal closed on March 31, 2021 and was recorded on April 9, 2021.
The property contains a total of 350,695 square feet of built space.

A New York State appellate court last month sided with SJP and Mitsui Fudosan, saying the developers did not have to remove several floors from the building, reversing a lower court ruling, Crain’s reported.
Sumitomo Matsui assigned the debt with an original principal of $426 million to an another affiliate of Mitsui Group, MFA Finance, at the same New York office as Mitsui Fudosan. The last time the property sold was October 15, 2015 for $275,000,000.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $210,470.

There has been one new building permit application. Those plans include a total of 112 residential units.

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