L&L Holding extends maturity date by year for $556M MassMutual construction at 425 Park in Plaza District

L&L Holding Company through the entity 425 Park Owner LLC as borrower signed a loan agreement with lender Massachusetts Mutual Life Insurance Company valued at $556.4 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 425 Park Avenue in Plaza District. The deal closed on July 1, 2020 and was recorded on July 31, 2020.
The property contains a total of 666,996 square feet of built space.
The average loan per buildable square foot is $527.
L&L extended the maturity date of the construction loan by one year to June 2021. L&L Holding as tenant controls the building through a long-term ground lease. The fee is owned by Safehold Inc. which bought the ground-leased fee from Nuveen in 2019 for $616.8 million.

Over the past five years, there have been 24 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $134,087,855.There has been one new building permit application totaling 511,538 square feet. There has been one demolition project filed for the parcels over the past five years. The demolition included 17 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link