Ogden CAP Properties obtained financing of $125M from JPMorgan Chase Bank

Ogden CAP Properties through the entity MHP Land Associates LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A. valued at $125.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 709 residential units at 151 East 31 Street in Kips Bay. The deal closed on August 06, 2019 and was recorded on August 22, 2019.
The property contains a total of 800,227 square feet of built space.
The average loan per unit is $176,305.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 709 residential (or hotel) units on September 13, 2012.
Over the past five years, there have been 32 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $446,000. There were 29 renovation/alteration projects (A2) applied for with a total estimated value of $9,373,238.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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