Block Buildings borrows $80M from Prudential for office property in Flatiron

Thomas Block’s Block Buildings through the entity 11 West 19th Associates LLC as borrower signed a loan agreement with lender the Prudential Insurance Company of America valued at $80 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 11 West 19th Street in Flatiron. The deal closed on November 20, 2019 and was recorded on November 25, 2019.
The property contains a total of 224,320 square feet of built space.
The average loan per buildable square foot is $357.
The prior lender was John Hancock Life Insurance Company, which provided a loan of $55 million. The last time the property sold was April 6, 2006, for $87,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 23, 2016.
Over the past five years, there have been 31 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 31 renovation/alteration projects (A2) applied for with a total estimated value of $9,585,967.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link