One Sutton Place South coop building borrows $22M from TD Bank

One Sutton Place South cooperative through the entity Sutton Place South Corporation as borrower signed a loan agreement with lender TD Bank valued at $22 million for 1 parcel, including the tax class cooperative (D4) and containing 43 residential units at 1 Sutton Place South in Sutton Place. The deal closed on April 1, 2020 and was recorded on April 13, 2020.
The property contains a total of 231,680 square feet of built space.
The average loan per unit is $511,628.
The 43-unit cooperative refinanced its debt, adding $2 million in gap loans to the $20 million in existing debt from TD Bank.

Over the past five years, there have been 19 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 $104,100. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $7,618,550.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link