Jack Resnick signs $50M refi loan with JPMorgan Chase for office building in Midtown

Jack Resnick & Sons through the entity 485 Madison Avenue, LLC as borrower signed a refi loan with lender JPMorgan Chase through valued at $50 million for the office building (O4) at 485 Madison Avenue in Midtown, Manhattan.
The deal closed on November 30, 2021 and was recorded on December 30, 2021.
The property has 244,668 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $204 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Jack Resnick & Sons was Jonathan D. Resnick and Jeremy A. Schonfeld. The signatory for JPMorgan Chase was Tejal Patel.
(120825553)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 24, 2013.
Within a 400-foot radius of 485 Madison Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 6, 2020 for the $1.9 million renovation of 38,314-square-foot B building with N/A residential units at 55 East 52nd Street.
Of those four items, three were loans above $5 million totaling $18.9 million. The most recent of the three was Macklowe Properties which borrowed $7.7 million from Fortress Investment Group secured by the 14,708-square-foot, 17-unit rental (D7) on 5 East 51st Street and two other properties on October 20, 2021.

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