JD Carlisle borrows $24M from John Hancock for office property in Flatiron

JD Carlisle Development through the entity 352 Park Avenue South LLC as borrower signed a loan agreement with lender John Hancock Life Insurance Company (U.S.A.) valued at $24.0 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 53 East 25th Street in Flatiron. The deal closed on December 4, 2020 and was recorded on December 14, 2020.
The property contains a total of 185,000 square feet of built space.
The average loan per buildable square foot is $130.
The signatory for the borrower was Evan Stein, president of Carlisle.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $3,845,408.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link