FRIEDLAND PROPERTIES through the entity L&M 825 LLC as borrower signed a loan agreement with lender MANUFACTURERS AND TRADERS TRUST COMPANY valued at $83.6 million for 4 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 17 residential units at 817 Madison Avenue, 827 Madison Avenue, 823 Madison Avenue, 821 Madison Avenue in Lenox Hill. The deal closed on December 06, 2018 and was recorded on July 12, 2019.
The property contains a total of 134,380 square feet of built space. The property has 77,895 square feet of available development rights.
The average loan per unit is $4,915,149.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $1,261,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link