Jewish Theological Seminary of America ups debt by $39M on property in Morningside Heights

The Jewish Theological Seminary of America as borrower signed a loan agreement with lender Dormitory Authority of The State of New York valued at $39 million for 1 parcel, including the tax class theological seminaries (W7) at 3080 Broadway in Morningside Heights. The deal closed on March 4, 2020 and was recorded on March 27, 2020.
The property contains a total of 127,711 square feet of built space. The property has 154,071 square feet of available development rights.
The average loan per buildable square foot is $138.
The NYS Dormitory Authority issues $39 million in bonds. TD Bank bought $19 million and Peoples United Muni Finance Corp. bought $20 million. There is an additional $51 million in debt that was issued in 2017.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on December 22, 2017.
Over the past five years, there have been 16 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 $1,100,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $3,937,906.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link