Columbus Properties signs $45M acquisition loan for ground under office building in Midtown East

Columbus Properties through the entity 909 Third Holding LLC as borrower signed an acquisition loan with lender JPMorgan Chase valued at $45 million for the ground-leased fee under the office building (O4) at 909 Third Avenue in Midtown East, Manhattan.
The deal closed on June 11, 2021 and was recorded on June 21, 2021.
This loan was simultaneous with the purchase of the ground-leased fee from Mark Karasick’s 601W Companies for $191.7 million.
The property has 1,321,050 square feet of built space and 0 square feet of additional air rights for a total buildable of 823,410 square feet according to PincusCo analysis of city data. The loan price per built square foot is $34 per the PincusCo analysis.

The signatory for Columbus Properties was John DiMurro. The signatory for JPMorgan Chase was Jennifer Lewin.

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