Pacific Oak Capital borrows $20M from Bank of America for commercial property in Penn Plaza

Pacific Oak Capital’s Pacific Oak Strategic Opportunity REIT through the entity 210 West 31st Street Owner, LLC as borrower signed a loan agreement with lender Bank of America valued at $20.0 million for 1 parcel, including the tax class miscellaneous religious (M9) at 204 West 31st Street in Penn Plaza. The deal closed on December 16, 2019 and was recorded on December 17, 2019.
The property contains a total of 23,110 square feet of built space. The property has 22,212 square feet of available development rights.
The average loan per buildable square foot is $441.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $10,702,487. Those filings sought to increase the number of residential units by 2 to 3 There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link