Gould Investors obtains $45M in new debt from AIG for office building in Gramercy

Gould Investors through the entity 45 Irving Place Owner LLC as borrower signed a refi loan with lender AIG through the entity American General Life Insurance Company valued at $45 million for the office building (O3) at 45 Irving Place in Gramercy, Manhattan.
The deal closed on August 27, 2021 and was recorded on September 7, 2021.
The property has 288,402 square feet of built space according to PincusCo analysis of city data. The new debt per built square foot is $156 per the PincusCo analysis. The property already had a total of $130 million of existing debt provided by AIG in 2018. (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 Gould Investors was Mark Lundy.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $21.2 million.

Within a 400-foot radius of 45 Irving Place, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 16, 2020 for the $5 million renovation of 23,481-square-foot A-2 building with no residential units at 17 Irving Place.
Of those five items, four were loans above $5 million totaling $69.2 million. The most recent of the four was Christy Martin which borrowed $14 million from Taupo, L.L.C. secured by the 165,875-square-foot, 19-unit office building (O6) on 21 Irving Place on January 19, 2021.

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