Flatiron District co-op building signs $9.5M refi loan

The 140 Fifth Avenue cooperative through the entity Fifth Avenue Loft Corporation as borrower signed a refi loan with lender National Cooperative Bank through the entity National Consumer Cooperative Bank valued at $9.5 million for 21 residential units at 140 Fifth Avenue in the Flatiron District, Manhattan.
The deal closed on May 31, 2023 and was recorded on June 14, 2023. The property has 41,610 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $228 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for 140 Fifth Avenue cooperative was Jonathan Blum.

The property

The property with 21 residential units in Flatiron District has 41,610 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 38,533 square feet. The city-designated market value for the property in 2022 is $10 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 140 5th Avenue, PincusCo has identified the owners of two of the 11 commercial properties representing 163,307 square feet of the 476,510 square feet. The two identified owners are Olnick Organization and ASB Capital Management.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 476,510 square feet of built space are office buildings, with mixed-use buildings next occupying 2 percent of the space.

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