Michael Grunberg borrows $20.8M from Apple Bank for office property in Flatiron

Michael Grunberg through the entity Grunberg 928 LLC as borrower signed a loan agreement with lender Apple Bank For Savings valued at $20.8 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 928 Broadway in Flatiron. The deal closed on February 19, 2020 and was recorded on August 4, 2020.
The property contains a total of 76,389 square feet of built space.
The average loan per buildable square foot is $273.
The debt was reduced from the $22 million Apple provided in 2015.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 30, 2014.
Over the past five years, there have been 8 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 $1,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $715,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link