Cohen Brothers Realty borrows $275M from Citibank for office tower in Midtown East

Charles Cohen’s Cohen Brothers Realty through the entity 805 Third New York LLC as borrower signed a loan agreement with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $275.0 million for 805 3rd Avenue in Midtown East. The deal closed on November 8, 2019 and was recorded on November 19, 2019.
The property contains a total of 597,553 square feet of built space.
The average loan per buildable square foot is $460.
The new loan includes $115 million more in debt over the prior loan provided by Apple Bank for Savings, which was assigned to Citibank.

Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $1,618,303.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link