MJ Orbach Associates obtained financing of $55M from New York Community Bank

MJ Orbach Associates through the entity West 39-260 Realty LLC as borrower signed a loan agreement with lender New York Community Bank valued at $55.0 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) at 260 West 39 Street in Garment District. The deal closed on August 20, 2019 and was recorded on August 29, 2019.
The property contains a total of 154,516 square feet of built space.
The average loan per buildable square foot is $356.
The package includes $13.6 million in new debt.

Over the past five years, there have been 18 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 18 renovation/alteration projects (A2) applied for with a total estimated value of $1,526,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link