Glorious Sun Group through the entity G.S. 505 Park, LLC as borrower signed a refi loan with lender Bank of East Asia valued at $8 million for the office building (O4) at 505 Park Avenue in Lenox Hill, Manhattan.
The deal closed on June 23, 2023 and was recorded on June 28, 2023. The prior lender was Bank of East Asia which held debt that had an original loan amount of $39 million.The property has 220,510 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $36 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Glorious Sun Group was Yin Chi Jennifer Yeung. The signatory for Bank of East Asia was George Benakis and Chong Tan.
Prior sales and revenue
The 220,510-square-foot property generated revenue of $14.9 million or $68 per square foot, according to the most recent income and expense figures.
The office building in Lenox Hill has 220,510 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 105 feet deep with a total lot size of 10,543 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $60.5 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations and $50 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Lenox Hill, The bulk, or 35 percent of the 52 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Lenox Hill has 2.9 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 14,334 square feet of the 1,637,086 square feet. The two identified owners are Sol Goldman Investments and Joonoh Park.
There are no active new building construction projects on this tax block.
The majority, or 52 percent of the 1.6 million square feet of built space are retail buildings, with office buildings next occupying 47 percent of the space.
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