Sherman Towers co-op in Lenox Hill refis with $25M from Investors Bank

Sherman Towers cooperative through the entity 363 East 76th Street Corporation as borrower signed a loan agreement with lender Investors Bank valued at $25 million for 1 parcel, including the tax class cooperative (D4) and containing 215 residential units at 1461 1st Avenue in Lenox Hill. The deal closed on February 24, 2021 and was recorded on April 9, 2021.
The property contains a total of 217,143 square feet of built space.
The average loan per unit is $116,279.

Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $1,129,770.

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