Kaufman Organization, AXA borrow $50M from Metlife for recently acquired office building in Flatiron

The Kaufman Organization and AXA Financial through the entity 40 W 25 LLC as borrower signed a loan agreement with lender Metlife Real Estate Lending LLC valued at $50.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 40 West 25th Street in Flatiron. The deal closed on December 18, 2019 and was recorded on December 23, 2019.
The property contains a total of 128,965 square feet of built space.
The average loan per buildable square foot is $388.
The last time the property sold was November 27, 2019, when Kaufman and AXA bought it for $121,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 5, 2012.
Over the past five years, there have been 26 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 26 renovation/alteration projects (A2) applied for with a total estimated value of $5,577,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link