Adams & Company borrows $30M from Lincoln Life & Annuity to refi office property in Garment District

David Levy of Adams & Company through the entity Arsenal Company, LLC as borrower signed a loan agreement with lender Lincoln Life & Annuity Company of New York valued at $30 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 463 7th Avenue in Garment District. The deal closed on March 17, 2020 and was recorded on April 1, 2020.
The property contains a total of 408,511 square feet of built space.

This is a refinance. Lincoln Life & Annuity increased the debt from $20 million to $30 million.

Over the past five years, there have been 60 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 $250,000. There were 59 renovation/alteration projects (A2) applied for with a total estimated value of $13,497,683.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link