Dishi & Sons borrows $11.7M from Bank of America for UES retail, residential building

Dishi & Sons through the entity 493 Fulton LLC as borrower signed a loan agreement with lender Bank of America valued at $11.7 million for 1 parcel, including the tax class retail building with apartments above (K4) and containing 4 residential units at 1024 Lexington Avenue in the Upper East Side. The deal closed on July 21, 2020 and was recorded on September 3, 2020.
The property contains a total of 27,736 square feet of built space. The property has 49,638 square feet of available development rights.
The average loan per buildable square foot is $236.
The last time the property sold was September 8, 2010, for $24,500,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,000,000. Those filings sought to increase the number of residential units by 4 to 4 There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $782,920.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Josephine A. Bowles