Pan Am Equities borrows $30M from People’s United Bank for property in Flatiron

Pan Am Equities through the entity 270 Park Ave South LLC as borrower signed a loan agreement with lender People’s United Bank valued at $30.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 74 residential units at 270 Park Avenue South in Flatiron. The deal closed on September 3, 2019 and was recorded on September 18, 2019.
The property contains a total of 109,393 square feet of built space.
The average loan per unit is $405,405.
The package includes $10.1 million in new debt.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 73 residential (or hotel) units on July 24, 2012.
Over the past five years, there have been 9 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 $35,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $719,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link