Jamestown, George Comfort & Sons, Loeb Partners, borrow $410M from Wells Fargo for office property in Nomad

Jamestown, George Comfort & Sons and Loeb Partners Realty through the entity 63 Madison Owner LLC as borrower signed a loan agreement with lender Wells Fargo valued at $410 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 28 East 28th Street, also known as 63 Madison Avenue, in Nomad. The deal closed on December 20, 2019 and was recorded on December 27, 2019.
The property contains a total of 675,986 square feet of built space.
The average loan per buildable square foot is $461.
The loan replaces $313.5 million provided by Bank of China in 2016 to rehabilitate the building.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 25, 2013.
Over the past five years, there have been 27 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $11,861,000. There were 26 renovation/alteration projects (A2) applied for with a total estimated value of $16,813,870.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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