Aurora Capital, Alex Adjmi refi $68M with New York Community for property in West Harlem

Aurora Capital Associates and Alex Adjmi through the entity 301-303 West 125 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $67.8 million for 1 parcel, including the tax class multi-story department store (K3) at 301-303 West 125th Street in West Harlem. The deal closed on October 29, 2020 and was recorded on November 19, 2020.
The property contains a total of 96,122 square feet of built space. The property has 120,301 square feet of available development rights.
The average loan per buildable square foot is $564.
The borrower obtained a $20.6 million gap loan. The last time the property sold was June 11, 2007 for $30,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on July 23, 2013.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $2,714,285.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link