Cohen family signs $55M refi with John Hancock for office building in Midtown
The family of the late real estate investor Jerome Cohen through the entity Avamer 57 Fee LLC as borrower signed a refi loan with lender John Hancock Life Insurance Company valued at $55 million for the office building (O6) at 57 West 57th Street in Midtown, Manhattan.
The deal closed on October 7, 2021 and was recorded on October 19, 2021.
The property has 143,914 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $382 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on October 28, 2004, for $25 million.
The signatory for the Jerome Cohen family was Michael T. Cohen.
The property is owned by the family of the late Jerome Cohen, a prominent real estate investor. Michael T. Cohen is president of the Tri-State Region of Colliers International.
Within a 400-foot radius of 57 West 57th Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $675,000 and two initial temporary certificate of occupancy issuances for projects that initially costed $19.2 million. The most recent of these three items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot hotel (R-1) building with 214 residential units at 101 West 57th Street.
One of those five items was a sale which Central Park U.S. Properties Ltd. bought one condo unit in the 14-unit mixed-use building (RM) on 50 Central Park South for $18.6 million from Sidney Kimmel on March 24, 2021.
One of those five items was a loan which LeFrak borrowed $150 million from Wells Fargo secured by the 712,000-square-foot, 43-unit office building (O4) on 38 West 57th Street on March 9, 2021.
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