Marx Realty obtained financing of $110M from Metlife Real Estate Lending

Marx Realty through the entity 708 Third Avenue Associates, LLC as borrower signed a loan agreement with lender Metlife Real Estate Lending LLC valued at $110.0 million for 1 parcel, including the tax class office building with ten stories or more (main avenue type) (O3) at 702 3 Avenue in Grand Central. The deal closed on July 31, 2019 and was recorded on August 06, 2019.
The property contains a total of 359,326 square feet of built space.
The average loan per buildable square foot is $306.
The last time the property sold was May 04, 2007, for $74,178,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 07, 2016.
Over the past five years, there have been 55 NYC Department of Buildings permit applications filed for this parcel. There were 55 renovation/alteration projects (A2) applied for with a total estimated value of $10,275,579.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
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