Cammeby’s International reduces debt to $114M at rental property in Garment District

Rubin Schron’s Cammeby’s International Group through the entity 30 Park Avenue LLC as borrower signed a loan agreement with lender New York Community Bank valued at $114 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 237 residential units at 30 Park Avenue in Garment District. The deal closed on April 6, 2020 and was recorded on April 7, 2020.
The property contains a total of 236,315 square feet of built space.
The average loan per unit is $481,013.
The last time the property sold was March 12, 2015, when Cammeby’s and Thor Equities bought the building for $194 million. The prior debt totaling $120 million was provided by Ladder Capital.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 239 residential (or hotel) units on September 16, 2013.
Over the past five years, there have been 24 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 $199,850. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $1,591,343.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link