Madison Realty Capital obtained financing of $49M from JPMorgan Chase Bank

Madison Realty Capital through the entity 341-353 39Th Street LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, National Association valued at $49.4 million for 1 parcel, including the tax class miscellaneous loft (L9) at 341 39 Street in Sunset Park. The deal closed on July 11, 2019 and was recorded on August 08, 2019.
The property contains a total of 163,840 square feet of built space.
The average loan per buildable square foot is $219.
The last time the property sold was July 08, 2016, for $37,600,000.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $8,563,500. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1,002,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Story link.