GFP Real Estate, Sorgente borrow $30M from Apple Bank for Savings for property in Flatiron

GFP Real Estate, Sorgente Group, Nathan Silverstein and Gregg Schenker through the entity NRS Flatiron LLC and others as borrowers, signed a loan agreement with lender Apple Bank for Savings valued at $30 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 171 5th Avenue in Flatiron. The deal closed on January 30, 2020 and was recorded on February 11, 2020.
The property contains a total of 183,449 square feet of built space.
The average loan per buildable square foot is $164.
GFP and the Sorgente Group announced last year they would spend $80 million to upgrade the property. The new debt includes a $25.8 million building loan.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,417,605.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link