Garage Management Corp. borrows $31M through UMB Bank for leased school building in Lenox Hill

The Chapman Group’s Garage Management Corporation through the entity East 76 Street Garage, L.L.C. as borrower signed a loan agreement through lender UMB Bank as trustee valued at $30.7 million for a school at 355 East 76th Street in Lenox Hill. The deal closed on December 19, 2019 and was recorded on January 15, 2020.
The property contains a total of 41,814 square feet of built space.
The average loan per buildable square foot is $734.
The property is leased to the NYC School Construction Authority.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 22, 2019.
Over the past five years, there have been 8 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 $6,738,750. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $5,260,290.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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