Manocherian Brothers obtained financing of $65M from The Bank Of New York Mellon

Manocherian Brothers through the entity Trans World Equities Co., L.P. as borrower signed a loan agreement with lender The Bank Of New York Mellon valued at $65.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 417 residential units at 1306 1st Avenue in Lenox Hill. The deal closed on August 28, 2019 and was recorded on September 10, 2019.
The property contains a total of 357,785 square feet of built space.
The average loan per unit is $155,875.

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 $579,880. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $3,841,584.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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