Joseph Moinian signs $21M initial loan with Valley Bank for UES commercial

Joseph Moinian of the Moinian Group through the entity 175 East 73rd Owner LLC as borrower signed an initial loan with lender Valley Bank through the entity VNB New York LLC valued at $21 million for two commercial properties at 177 East 73rd Street in the Upper East Side, Manhattan and at 175 East 73rd Street in the Upper East Side, Manhattan.
The deal closed on April 30, 2021 and was recorded on May 18, 2021.
The two properties have 23,032 square feet of built space and 1,470 square feet of additional air rights for a total buildable of 24,520 square feet according to PincusCo analysis of city data. The loan price per built square foot is $911 and the price per buildable square foot is $856 per the PincusCo analysis.
The signatory for Joseph Moinian was Joseph Moinian. The signatory for VBN New York was Joseph M. Triscoli.
Over the past five years, there has been one NYC Department of Buildings permit application 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 $10,000. (121189221) One of the projects were to change the building from a COM to a A-3 and change the number of residential units from 0 to 0.

Direct link to Acris document. link