Cara Investment borrows $66M from Landesbank Baden-Wurttemberg for an office in Noho

Cara Investment GMBH through the entity Bond Immobilien LP as borrower signed a loan agreement with lender Landesbank Baden-Wurttemberg, New York Branch valued at $66.0 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 670 Broadway in Noho. The deal closed on September 23, 2019 and was recorded on October 10, 2019.
The property contains a total of 66,905 square feet of built space.
The average loan per buildable square foot is $986.
The last time the property sold was January 25, 2019, when Cara bought it from Paramount Group for $130,500,000. That initial $66 million acquisition loan was financed by an entity controlled by executives at Cara. That loan was assigned to the new lender.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 28, 2018.
Over the past five years, there have been 27 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $513,950. There were 24 renovation/alteration projects (A2) applied for with a total estimated value of $6,119,825.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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