CheerLand Investment Group borrows $105M from Bank of China for property in Gramercy

CheerLand Investment Group through the entity 287 PAS LLC as borrower signed a loan agreement with lender Bank Of China, New York Branch valued at $105.0 million for 287 Park Avenue South in Gramercy. The deal closed on September 10, 2019 and was recorded on September 26, 2019. The building was recently issued a new temporary certificate of occupancy.
The property contains a total of 106,453 square feet of built space and is the tax class office building with commercial with seven to 19 stories (O6). The property has 9,511 square feet of available development rights.
The average loan per buildable square foot is $905.
The package includes $51 million in new debt. The last time the property sold was August 26, 2014, for $128,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 9, 2019.
Over the past five years, there have been 19 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 $54,485,644. Those filings sought to increase the number of residential units by 40 to 40 There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $14,713,249.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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