Harmonie Club borrows $10M from Valley National Bank for clubhouse in Lenox Hill

The Harmonie Club, the second-oldest private social club in the city, signed a loan agreement with lender Valley National Bank through the entity VNB New York, LLC valued at $10 million for 1 parcel, including the tax class private club or luxury type hotel (H5) at 4 East 60th Street in Lenox Hill. The deal closed on December 13, 2019 and was recorded on December 24, 2019.
This is the first mortgage recorded in city property records since at least the late 1960s. The only other mortgage noted in property records was a $450,000 loan provided in 1905.
The property contains a total of 50,519 square feet of built space. The property has 69,208 square feet of available development rights. The club, founded in 1852 by Jewish merchants who were excluded from other private clubs of the day, moved to its current location, designed by famed architect Stanford White of McKim, Meade & White, in 1905.
The average loan per buildable square foot is $144.
Real estate attorney Jeffrey A. Lenobel, of Schulte Roth & Zabel, was the signatory for the club.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,035,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link