Parkoff Organization borrows $26.7M from New York Community for office property in Plaza District

Parkoff Organization through the entity 661 Assets LLC as borrower signed a loan agreement with lender New York Community Bank valued at $26.7 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 661 Lexington Avenue in Plaza District. The deal closed on December 1, 2020 and was recorded on March 5, 2021.
The property contains a total of 35,408 square feet of built space.
The average loan per buildable square foot is $753.
The last time the property sold was January 10, 2012 for $25,000,000.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $251,900.

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