Muss Development borrows $42M from Nationwide Life Insurance for commercial property in Carnegie Hill

Muss Development through the entity Allied Third Avenue, LLC as borrower signed a loan agreement with lender Nationwide Life Insurance Company valued at $42 million for 1 parcel, including the tax class loft with retail stores (L8) at 1550 Third Avenue in Carnegie Hill. The deal closed on January 30, 2020 and was recorded on February 7, 2020.

The last time the property sold was July 11, 2005, when Muss bought it for $45,000,000.

Nationwide has provided four other loans over the past year. The largest was $63 million to refinance 622 Broadway, owned by Raymond Yu’s Yuco Management.

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. 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 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,018,178.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link