Cinema property owner Reading International borrows $25M from Valley National Bank in Lenox Hill

Reading International through the entity Sutton Hill Properties, LLC as borrower signed a loan agreement with lender Valley National Bank valued at $25 million for 1 parcel, including the tax class art type theater with seating capacity more than 400 seats (J2) at 1001 Third Avenue in Lenox Hill. The deal closed on March 13, 2020 and was recorded on April 10, 2020.
The property has 79,056 square feet of available development rights.
The average loan per buildable square foot is $316.
Reading is a public company that owns movie and live theater properties.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $60,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link