L&L Holding cuts debt to $92.5M from Aareal for Met Tower office condo in Midtown West

L&L Holding through the entity Met Tower Owner, LLC as borrower signed a loan agreement with lender Aareal Capital Corporation valued at $92.5 million for 1 parcel, including the tax class commercial real estate (CR) at 142 West 57th Street in Midtown West. The deal closed on March 25, 2021 and was recorded on March 30, 2021.
The prior debt provided in 2018 included a $100 million loan and a $15 million loan. The $15 million loan was paid off at the time of this new financing.
The property contains a total of 237,695 square feet of built space.
The average loan per buildable square foot is $389.
The last time the property sold was February 22, 2016 for $163,000,000.
Over the past five years, there have been 55 NYC Department of Buildings permit applications 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 $125,000.0. There were 54 renovation/alteration projects (A2) applied for with a total estimated value of $11,479,112.

Direct link to Acris document. link