Alder Group signs $20M refi with Apple Bank for office building in Hudson Yards

Alder Group through the entity 475 Adler Realty Rl, L.L.C. as borrower signed a refi loan with lender Apple Bank For Savings valued at $20 million for the office building (O6) at 475 Tenth Avenue in Hudson Yards, Manhattan.
The deal closed on July 2, 2021 and was recorded on July 22, 2021.
The property has 241,508 square feet of built space and 0 square feet of additional air rights for a total buildable of 172,810 square feet according to PincusCo analysis of city data. The loan price per built square foot is $82 per the PincusCo analysis.
The signatory for Alder Group was Robert Liberman.

Within a 400-foot radius of 475 Tenth Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on May 18, 2020 for a 414,314-square-foot R-2 building with 526 residential units residential units at 451 10th Avenue.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 19, 2020 for the $1.2 million renovation of 14,842-square-foot R-2 building with nine residential units at 440 West 36th Street.
Of those seven items, five were loans above $5 million totaling $827.2 million. The most recent of the five was Happy Living Development which borrowed $11.0 million from SME Capital Ventures secured by the 0-square-foot, 10-unit rental (D6) on 441 West 37th Street on October 14, 2020.

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