Anonymous entity borrows $35M from Arbor Realty for property in Flatiron

The anonymous entity 331 Park Ave Ventures, LLC as borrower signed a loan agreement with lender Arbor Realty Trust through the entity Arbor Realty Sr, Inc. valued at $35.4 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) at 331 Park Avenue South in Flatiron. The deal closed on August 19, 2020 and was recorded on August 28, 2020.

The anonymous entity acquired the property from Prodigy Network and Shorewood Real Estate Group on June 12, 2020, for $41.2 million.
The property contains a total of 37,025 square feet of built space.
The average loan per buildable square foot is $956.
The $34 million provided by Arbor Realty Trust in 2017 was refinanced and a $1.4 million gap loan was added. The ownership entity has an address at the same building as the lender, Arbor Realty Trust. The signatory for the borrower was Julia Geykhman of law firm Sheppard Mullin.

Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $6,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1,570,850.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link