George Comfort & Sons gets $218M gap loan in $400M debt deal with MetLife at 498 Seventh Avenue

Peter Duncan’s George Comfort & Sons through the entity 498 Seventh, LLC as borrower signed a loan agreement with lender MetLife through the entity Metlife Real Estate Lending LLC valued at $400 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 498 Seventh Avenue in the Garment District. The deal closed on May 1, 2020 and was recorded on May 7, 2020.
The property contains a total of 842,295 square feet of built space.
The average loan per buildable square foot is $475.
George Comfort & Sons obtained a gap loan of $218.3 million as it doubled the debt on the building from the $200 million provided by Deutsche Bank in 2011.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 21, 2012.
Over the past five years, there have been 59 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 $906,579. There were 58 renovation/alteration projects (A2) applied for with a total estimated value of $42,622,168.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link