Moinian Group borrows $52M from Wells Fargo Bank for property in Plaza District

Moinian Group through the entity Eldad Prime LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $52.0 million for the commercial condominium unit (R5) at 117 East 57th Street in Plaza District. The deal closed on November 5, 2019 and was recorded on November 13, 2019.
The property contains a total of 169,372 square feet of built space.
The average loan per buildable square foot is $307.
The prior debt of $52.5 million was arranged by Natixis in 2013 and placed in a CMBS.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 221 residential units on September 27, 2019.

Direct link to Acris document. link
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