Dennis Wong and Verbena Road Holdings obtained financing of $103M from New York Life Insurance Company

Dennis Wong and Verbena Road Holdings through the entity Verbena E 33Rd LLC as borrower signed a loan agreement with lender New York Life Insurance Company valued at $103.0 million for 5 parcels, including the tax class multifamily, luxury type (D8) and containing 209 residential units at 347 East 33 Street and others in Kips Bay. The deal closed on August 20, 2019 and was recorded on August 28, 2019.
The property contains a total of 213,549 square feet of built space.
The average loan per unit is $492,823.
The last time the property sold was February 06, 2018, for $49,451,008.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 209 residential (or hotel) units on October 04, 2012.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $10,493,009.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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