Cofinance Group borrows $7M from Metropolitan Commercial to buy mixed-use property in Lenox Hill

Jean-Claude Pick’s Cofinance Group headquartered in Luxembourg through the entity 219 & 221 East 59th Street Owner LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $7.1 million for 2 parcels, including the tax class primarily two family with store or office (S2) and containing 3 residential units at 219 East 59th Street, 221 East 59th Street in Lenox Hill. The deal closed on March 11, 2020 and was recorded on March 24, 2020.
The property has 17,685 square feet of available development rights.
The average loan per buildable square foot is $399.
This is an acquisition loan. First National Bank of Long Island provided prior debt of $3.25 million. The outstanding balance was assigned to the new lender.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 2 residential units on March 3, 2020.
Over the past five years, there have been 4 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 $90,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $235,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link