David Magier borrows $7M from First Republic Bank for property in Flatiron

David Magier through the entity The Pierrepont Building Company LLC as borrower signed a loan agreement with lender First Republic Bank valued at $6.7 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) and containing 3 residential units at 103 5th Avenue in Flatiron. The deal closed on March 31, 2020 and was recorded on April 10, 2020.
The property contains a total of 33,302 square feet of built space.
The average loan per buildable square foot is $200.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 6 residential (or hotel) units on January 24, 2014.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $313,388.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link