DivcoWest ups debt to $170M from Suntrust Bank for Plaza District office tower

DivcoWest through the entity DW 540 Madison Avenue, LLC as borrower signed a loan agreement with lender Suntrust Bank valued at $170.0 million for 540 Madison Avenue in Plaza District, a building with the tax class tower-type office building (O4). The deal closed on August 12, 2019 and was recorded on August 27, 2019.
The property contains a total of 272,532 square feet of built space.
The average loan per buildable square foot is $624.
The last time the property sold was June 27, 2019, for $310,300,888, to DivcoWest.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 10, 2013.
Over the past five years, there have been 62 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 62 renovation/alteration projects (A2) applied for with a total estimated value of $10,725,094.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article