Dean Palin borrows $8.5M from JPMorgan Chase Bank for office property in Flatiron

Dean Palin through the entity Andean, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $8.5 million for 2 parcels, including the tax class office building with commercial with one to six stories (O5) at 1 West 22nd Street in Flatiron. The deal closed on June 16, 2020 and was recorded on June 19, 2020.
The property contains a total of 5,925 square feet of built space. The property has 53,029 square feet of available development rights.
The average loan per buildable square foot is $160.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $145,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link