Olmstead Properties refis office property in Garment District with $10M from Lincoln Life & Annuity

Samuel W. Rosenblatt’s Olmstead Properties through the entity 12 West 37th LLC as borrower signed a loan agreement with lender Lincoln Life & Annuity Company of New York valued at $10 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 12 West 37th Street in Garment District. The deal closed on March 11, 2020 and was recorded on March 23, 2020.
The property contains a total of 52,200 square feet of built space.
The average loan per buildable square foot is $192.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $448,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link