Peter Gaslow of Empire Office borrows $35M from Valley Bank for office, warehouse in NYC

Peter Gaslow of Empire Office through the entity Double G (1999) Limited Partnership as borrower signed a loan agreement with lender Valley Bank aka Valley National Bank aka VNB New York LLC valued at $35 million for 3 parcels, including the tax class office building with commercial with one to six stories (O5) at 21 Murray Street, 48-02 48th Avenue, 48-15 50th Avenue in Tribeca. The deal closed on December 18, 2019 and was recorded on February 25, 2020.
The property has 240,072 square feet of available development rights.
The average loan per buildable square foot is $146.
A JPMorgan Chase loan totaling $33.3 was assigned to the new lender, and a gap loan of $11.6 million was added for the total of $35 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $127,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link