APF Properties borrows $60M from Wells Fargo Bank for property in Plaza District

APF Properties through the entity 24 West 57 APF LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $60.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 24 West 57th Street in Plaza District. The deal closed on September 27, 2019 and was recorded on October 4, 2019.
The property contains a total of 88,722 square feet of built space. The property has 11,648 square feet of available development rights.
The average loan per buildable square foot is $598.
This is a refinancing of the original note of $60 million given in 2016.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 13, 2012.
Over the past five years, there have been 6 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 $301,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $775,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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