Orsid Realty Corp. borrows $40M from New York Community Bank for property in Lenox Hill

Orsid Realty Corp. through the entity Toost Control Corp. as borrower signed a loan agreement with lender New York Community Bank valued at $39.8 million for 1 parcel, including the tax class cooperative (D4) and containing 166 residential units at 1202 2nd Avenue in Lenox Hill. The deal closed on March 12, 2020 and was recorded on March 18, 2020.
The property contains a total of 153,962 square feet of built space.
The average loan per unit is $239,759.
The prior debt was $49.5 million from New York Community Bank.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,369,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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