Jenel Management signs $80M refi with Signature Bank for building in Lenox Hill

Jenel Management through the entity Flagship 660 Owner LLC as borrower signed a refi loan with lender Signature Bank valued at $80 million for the property at 660 Madison Avenue in Lenox Hill, Manhattan.
The deal closed on December 20, 2021 and was recorded on February 24, 2022. The prior lender was Wells Fargo which held debt that had an original loan amount of $100 million.
The property has 264,498 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $302 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 Jenel Management was David Dushey. The signatory for Signature Bank was Kenneth A. Stagnari.

On the tax block, the majority, or 47 percent of the 1.3 million square feet of built space are hotel buildings, with office buildings next occupying 46 percent of the space.
Within a 400-foot radius of 660 Madison Avenue, PincusCo identified 24 commercial real estate items of interests occurred over the past 24 months.
Of those 24 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 9, 2021 for the $2.1 million renovation of 135,169-square-foot M building with N/A residential units at 18 East 60th Street.
Of those 24 items, 16 were sales above $5 million totaling $383.1 million. The most recent of the 16 was Titan Golden Capital which bought the 164,615-square-foot, 34-unit office building (O4) on 645 Madison Avenue for $26.6 million from East West Bank on November 30, 2021.
Of those 24 items, seven were loans above $5 million totaling $916 million. The most recent of the seven was Alessandro Bonecchi which borrowed $20 million from Principal Life Insurance Company secured by the 7,540-square-foot, nine-unit rental (C7) on 36 East 60th Street and two other properties on March 19, 2021.

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