Oestreicher Properties signs $31M refi with Bank Leumi in Plaza District

Oestreicher Properties through the entity Park 430 Operating Company, LLC as borrower signed a refi loan with lender Bank Leumi valued at $31 million for the property at 430 Park Avenue in the Plaza District, Manhattan.
The deal closed on August 5, 2021 and was recorded on August 30, 2021.
The property has 233,115 square feet of built space and 0 square feet of additional air rights for a total buildable of 142,250 square feet according to PincusCo analysis of city data. The loan price per built square foot is $132 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Oestreicher Properties was Deborah Tsabari.
Over the past five years, there have been 56 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $15,001. There were 54 renovation/alteration projects (A2) applied for with a total estimated value of $8.8 million. One of the projects were to change the building from a COM to a B and were permitted on September 22, 2020.
Deborah Tsabari is the CFO of Oestreicher Properties.

Within a 400-foot radius of 430 Park Avenue, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit issued on November 19, 2020 for a 59,819-square-foot R-2 building with 62 residential units at 115 East 55th Street.
Of those 11 items, four were sales above $5 million totaling $667 million. The most recent of the four was Klovern and GDSNY which bought the 4,300-square-foot, one-unit mixed-use building (K2) on 407 Park Avenue for $30.7 million from Jeffrey K. Reh on May 11, 2021.
Of those 11 items, six were loans above $5 million totaling $889.9 million. The most recent of the six was MRR Development which borrowed $10.0 million from Israel Discount Bank Of New York secured by the development site (V1) on 129 East 56th Street and nine other properties on August 20, 2021.

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