Fred Ohebshalom’s Empire Management borrows $82M from Santander Bank for hotel project in Nomad

Fred Ohebshalom’s Empire Management through the entity Cosmic Realty Partners LLC as borrower signed a loan agreement with lender Santander Bank valued at $81.5 million for a hotel conversion project at 250 Fifth Avenue in Nomad. The deal closed on August 26, 2019, and was recorded on September 13, 2019.
Empire plans to add floors to construct a 23-story hotel with 188 rooms. The last time the property sold was June 17, 2013, for $15,000,000.

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 $39,844,234. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $991,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.