Red Apple Group signs $10M refi with Bank Leumi for office building in Hell’s Kitchen

Red Apple Group Inc. through the entity Cats West 57 Street, LLC as borrower signed a refi loan with lender Bank Leumi valued at $10 million for the office building (O5) at 600 West 57th Street in Hell’s Kitchen, Manhattan.
The deal closed on July 20, 2021 and was recorded on September 27, 2021.
The property has 12,707 square feet of built space and 12,710 square feet of additional air rights for a total buildable of 25,420 square feet according to PincusCo analysis of city data. The loan price per built square foot is $786 and the price per buildable square foot is $393 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on February 22, 2016, for $4 million.
The signatory for Red Apple Group Inc. was John A. Catsimatidis.
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.
John A. Catsimatidis is the founder and CEO of Red Apple Group.
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