ATCO Properties & Management borrows $63M from Prudential for office property in Flatiron

ATCO Properties & Management through the entity 371-381 Pas Associates, LLC as borrower signed a loan agreement with lender The Prudential Insurance Company Of America valued at $63.0 million for 2 parcels, including the tax class office building with commercial with seven to 19 stories (O6) at 369 Park Avenue South, 381 Park Avenue South in Flatiron. The deal closed on December 20, 2019 and was recorded on January 14, 2020.
The property contains a total of 89,311 square feet of built space.
The average loan per buildable square foot is $194.
The prior debt, provided by Prudential, totaled $58 million. This refinance includes a $5 million second mortgage.

Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $2,256,486.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link