A&E borrows $43M from Signature Bank to buy rental property in Midtown East

Douglas Eisenberg’s A&E Real Estate Holdings through the entity 400 East 58th Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $43 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 126 residential units at 400 East 58th Street in Midtown East. The deal closed on September 9, 2020 and was recorded on September 15, 2020.
The property contains a total of 140,000 square feet of built space.
The average loan per unit is $341,270.
The balance on the New York Community Bank loan was $38,809,638.36.

Over the past five years, there have been 42 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 $1,000. There were 41 renovation/alteration projects (A2) applied for with a total estimated value of $2,212,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link