Moinian Group borrows $33M from Morgan Stanley for properties in Flatiron

Moinian Group through the entity 147 West 24th Owner LLC as borrower signed a loan agreement with lender Morgan Stanley Private Bank, National Association valued at $32.8 million for 4 parcels, including the tax class retail building with apartments above (K4) and containing 5 residential units at 53 West 21st Street, 147 West 24th Street, 37 West 17th Street, 54 West 22nd Street in Flatiron. The deal closed on March 18, 2020 and was recorded on March 19, 2020.
The property has 140,788 square feet of available development rights.
The average loan per buildable square foot is $233.

This information if for just one of the four parcels: The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 2, 2012.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $864,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link