Hotel Carlyle Owners Corp. borrows $50M from Credit Agricole for leased hotel on UES

The Hotel Carlyle Owners Corp. as borrower signed a loan agreement with lender Credit Agricole Corporate And Investment Bank valued at $50 million for 2 parcels, including the tax class luxury type hotel built prior to 1960 (H1) at 981 Madison Avenue in the Upper East Side. The deal closed on June 3, 2020 and was recorded on June 10, 2020.
The property contains a total of 294,142 square feet of built space.

The signatory for Carlyle, which is the landlord that leases the hotel to the operating group, is Patrick Gaffney, identified as treasurer of the owners corporation. The loan package refinances $50 million of debt provided in 2015.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 63 residential (or hotel) units on July 25, 2012.
Over the past five years, there have been 32 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 32 renovation/alteration projects (A2) applied for with a total estimated value of $51,694,114.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link