Extell Development borrows $9M from JPM Ex Portfolio Seller LLC for property in Times Square

Extell Development through the entity 458 NY LLC as borrower signed a loan agreement with lender JPM Ex Portfolio Seller LLC valued at $9.0 million for 1 parcel, including the tax class retail building with apartments above (K4) at 724 8th Avenue in Times Square. The deal closed on August 13, 2019 and was recorded on September 27, 2019.
The property contains a total of 4,912 square feet of built space. The property has 7,459 square feet of available development rights.
The average loan per buildable square foot is $728.
The last time the property sold was August 13, 2019, when Extell bought it for $3,828,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link