Heskel Asset Management borrows $34M from First Republic Bank for property in Garment District

Heskel Asset Management through the entity Heskel’s Paramount LLC as borrower signed a loan agreement with lender First Republic Bank valued at $34.0 million for 152 Madison Avenue in the Garment District. The deal closed on September 26, 2019 and was recorded on October 8, 2019.
The property contains a total of 98,847 square feet of built space in the building with the tax class office building tower type with 20 or more stories (O4).
The average loan per buildable square foot is $344.
The last time the property sold was March 9, 2006, for $29,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 10, 2014.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,663,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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