Elijah Equities borrows $90M from Safra National Bank for office property in Manhattan

James Haddad’s General Leasing & Management and Elijah Equities through the entity 307 Fifth Avenue, LLC as borrower signed a loan agreement with lender Safra National Bank through the entity Safra National Bank Of New York valued at $90.0 million for 4 parcels, including the tax class office building with commercial with seven to 19 stories (O6) at 307 5th Avenue, 516 West 20th Street, 313 5th Avenue, 494 8th Avenue in Garment District. The deal closed on March 13, 2020 and was recorded on March 19, 2020.
The property contains a total of 60,648 square feet of built space. The property has 310,892 square feet of available development rights.
The average loan per buildable square foot is $289.
The last time the property sold was June 21, 2006, for $15,333,333.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 19, 2015.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $393,600. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $378,564.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link