Debt increased by $25M for retail condo at 709 Madison Avenue in Lenox Hill

Leonori Properties LLC (an investment group with the signatory Patrick Y. Lee) as borrower signed a loan agreement with lender Wells Fargo that brings the total debt to $55 million for 1 parcel, including the tax class commercial condominium unit (R5) at 709 Madison Avenue also known as 26 East 63rd Street in Lenox Hill. The deal closed on March 31, 2020 and was recorded on April 6, 2020.
The property contains a total of 12,658 square feet of built space.
The average loan per buildable square foot is $1,975.
This is an additional first lien loan of $25 million added “pari passu” to the existing $30 million in debt provided by Wells Fargo in 2015 for the retail condo.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 67 residential (or hotel) units on July 19, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link