Lightstone Group signs $25.9M acquisition loan with Aflac for rental in Upper West Side

Lightstone Group through the entity 700 West End Avenue Associates LLC as borrower signed a acquisition loan with lender Aflac through the entity American Family Life Assurance Company Of Columbus valued at $25.9 million for the 65-unit rental (D3) at 700 West End Avenue in Upper West Side, Manhattan.
The deal closed on October 15, 2021 and was recorded on October 29, 2021.
The property has 55,840 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $419 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 owner bought the property on September 1, 2021, for $28.5 million.
The signatory for Lightstone Group was Joseph E. Teichman.

Within a 400-foot radius of 700 West End Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on October 1, 2020 for the $350,000 renovation of an R-2 building with 174 residential units at 315 West 94th Street.
Of those eight items, seven were loans above $5 million totaling $450 million. The most recent of the seven was Brack Capital Real Estate which borrowed $110.8 million from Acrefi Cs U, LLC secured by the 237,507-square-foot, one-unit industrial (N2) on 720 West End Avenue on March 12, 2021.

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