Katz family gets $25M in new debt secured by fee under UES co-op building

Gary Katz, Wendy Katz, and Meredith Katz through the entity Sixty Second Del, LLC at Downtown Capital Partners, as borrowers signed an initial loan with lender Goldman Sachs valued at $25 million for the the fee under the 70-unit co-op (D4) at 1050 Third Avenue in Upper East Side, Manhattan. The co-op is the ground lessee on a lease started in 1960.
The deal closed on September 1, 2021 and was recorded on September 21, 2021.
The property has 153,890 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $162 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 Downtown Capital Partners, Gary Katz, Wendy Katz, and Meredith Katz was Gary Katz and Deborah Katz-Downie. This is a ground lease from 1960 assigned to an LLC from a series of trusts of Katz family members.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1.3 million.

Within a 400-foot radius of 1050 Third Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 20, 2020 for the $1.7 million renovation of the residential R-2 building with 10 residential units at 163 East 62nd Street.
One of those two items was a sale which 154 E 63 Th LLC bought the two-family building (B9) on 154 East 63rd Street for $15.2 million from Eugene Kokot on May 6, 2020.

Direct link to Acris document. link