Jack Guttman borrows $20M from Valley National Bank for property in Vinegar Hill

Jack Guttman through the entity 53 Bridge LLC as borrower signed a loan agreement with lender Valley National Bank valued at $20.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 53 Bridge Street in Vinegar Hill. The deal closed on September 26, 2019 and was recorded on October 4, 2019.
The property contains a total of 90,000 square feet of built space. The property has 226 square feet of available development rights.
The average loan per buildable square foot is $222.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 4 new building permit applications totaling 13,791 square feet. Those plans include a total of 4 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link