New York Design Center borrows $15M from Signature Bank for loft property in Kips Bay

New York Design Center, with signatory James Druckman, president and CEO, as borrower signed a loan agreement with lender Signature Bank valued at $15 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) at 200 Lexington Avenue in Kips Bay. The deal closed on January 23, 2020 and was recorded on February 5, 2020.
The property contains a total of 470,000 square feet of built space.

This is a second mortgage, on top of $30 million provided by Signature Bank in 2015.

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 $2,205,825.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link