Kalimian family borrows $24.7M from Wells Fargo for office property in Flatiron

The Kalimian family through the entity AK 79 Fifth LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $24.7 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 79 Fifth Avenue in Flatiron. The deal closed on December 31, 2020 and was recorded on January 22, 2021.
The property contains a total of 272,566 square feet of built space.
The average loan per buildable square foot is $91.
The last time the property sold was August 2, 2004 for $13,406,250.
Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $9,059,399.

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