Brause Realty borrows $20M from Minnesota Life for office property in Grand Central

Brause Realty through the entity Vanderbilt Associates I, L.L.C. as borrower signed a loan agreement with lender Minnesota Life Insurance Company valued at $20 million for 1 parcel, including the tax class miscellaneous office building (O9) at 52 Vanderbilt Avenue in Grand Central. The deal closed on June 5, 2020 and was recorded on June 11, 2020.
The property contains a total of 162,330 square feet of built space.
The average loan per buildable square foot is $123.
David Brause was the signatory. The total debt was reduced from the $30 million provided in 2010 by Apple Bank for Savings.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 4, 2012.
Over the past five years, there have been 21 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 $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $1,718,325.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link