Arel Capital borrows $65M from Deutsche Bank for property in Carnegie Hill

Arel Capital through the entity 1228 Madison Development Lessee LLC as borrower signed a loan agreement with lender Deutsche Bank Ag, New York Branch valued at $65.0 million for 4 parcels, including the tax class one-story store building (K1) and containing 4 residential units at 1228 Madison Avenue, 1230 Madison Avenue, 1232 Madison Avenue, 1234 Madison Avenue in Carnegie Hill. The deal closed on August 12, 2019 and was recorded on September 26, 2019.
The property contains a total of 1,766 square feet of built space. The property has 44,767 square feet of available development rights.
The average loan per buildable square foot is $1,156.
This is a construction loan.

Over the past five years, there have been 5 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 $50,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $337,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.