Park East Day School borrows $5M from Valley National Bank for property in Lenox Hill

The Rabbi Arthur Schneier Park East Day School through the entity Sam And Esther Minskoff Cultural Center as borrower signed a loan agreement with lender Valley National Bank through the entity VNB New York, LLC valued at $5 million for 1 parcel, including the tax class parochial schools, yeshivas (W2) at 162 East 68th Street in Lenox Hill. The deal closed on May 28, 2020 and was recorded on June 3, 2020.
The property contains a total of 38,259 square feet of built space.
The average loan per buildable square foot is $131.
The prior debt provided by Valley National Bank in 2006 was $5.5 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 23, 2017.
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 $30,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $47,445.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link