Nightingale Group borrows $88.9M from TPG to buy property in Sunset Park

Nightingale Group through the entity Onh 14 53rd St LLC as borrower signed a loan agreement with lender TPG Real Estate Finance through the entity TPG RE Finance 2, Ltd valued at $88.9 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 14 53rd Street in Sunset Park. The deal closed on September 25, 2020 and was recorded on October 19, 2020.
The property contains a total of 382,080 square feet of built space.
The average loan per buildable square foot is $233.
This was an acquisition loan. The original maximum debt was $90 million provided by TPG to Madison Realty Capital. Madison sold the property to Nightingale but retained a 25 percent stake, according to the Commercial Observer.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 28, 2018.
Over the past five years, there have been 15 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 $4,000,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $2,259,171.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link