Madison Realty Capital borrows $33M from Signature Bank for multifamily property in Midtown East

Madison Realty Capital through the entity 361 East 50th Street LLC as borrower signed a loan agreement with lender Signature Bank valued at $33.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 44 residential units at 891 1st Avenue in Midtown East. The deal closed on December 9, 2019 and was recorded on December 17, 2019.
The property contains a total of 50,000 square feet of built space. The property has 95,984 square feet of available development rights.
The average loan per unit is $750,000.
The last time the property sold was July 15, 2014, for $40,200,000.

Over the past five years, there have been 10 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 $70,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $1,486,268.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link