Abe Talassazan’s Eretz Group obtained financing of $90M from Aareal Capital

Abe Talassazan’s Eretz Group through the entity BSD Michael 101, LLC as borrower signed a loan agreement with lender Aareal Capital Corporation valued at $90.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 101 5th Avenue in Flatiron. The deal closed on August 29, 2019 and was recorded on September 10, 2019.
The property contains a total of 71,985 square feet of built space.
The average loan per buildable square foot is $1,250.
The loan includes $43.6 million in new debt on top of the existing debt that had been assigned by Deutsche Bank to Aareal.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $101,117.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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