Castro Properties borrows $42M from JPMorgan Chase for office property in Flatiron

Castro Properties through the entity Ladies Mile, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $41.5 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 43 West 23rd Street in Flatiron. The deal closed on February 21, 2020 and was recorded on March 2, 2020.
The property contains a total of 92,285 square feet of built space. The property has 117,719 square feet of available development rights.
The average loan per buildable square foot is $353.
The family-owned business acquired the building in August of 1972.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 4, 2015.
Over the past five years, there have been 40 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 $101,000. There were 38 renovation/alteration projects (A2) applied for with a total estimated value of $10,428,056.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link