iStar’s Safehold Inc. borrows $202M from AIG for property in Plaza District

iStar’s Safehold Inc. through the entity 425 Park Ave Ground Owner LLC as borrower signed a loan agreement with lender AIG through the entity American General Life Insurance Company valued at $201.5 million for the ground-leased fee under 425 Park Avenue in Plaza District. The deal closed on November 25, 2019 and was recorded on December 9, 2019.
The property contains a total of 666,996 square feet of built space.
The average loan per buildable square foot is $302.
The last time the property sold was May 26, 2011, for $315,000,000. L&L Holding Company owns the office building through a long-term ground lease.

Over the past five years, there have been 16 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 $38,036,908.There has been one new building permit application totaling 511,538 square feet. There has been one demolition project filed for the parcels over the past five years. The demolition included 17 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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