Sherry-Netherland co-op in Plaza District borrows $10.7M in new debt from Union Fidelity

The Sherry-Netherland cooperative hotel through the entity The Sherry-Netherland, Inc. as borrower signed a loan agreement with lender Union Fidelity Life Insurance Company valued at $10.7 million for 1 parcel, including the tax class cooperative (D4) and containing 169 residential units at 781 Fifth Avenue in the Plaza District. The deal closed on July 2, 2020 and was recorded on August 5, 2020.
The property contains a total of 314,509 square feet of built space.
The average loan per unit is $63,314.
This new debt is on top of existing loans of $21 million and $4 million that Union Fidelity previously gave to Sherry-Netherland.
Michael Ullman, COO of Sherry-Netherland, was the signatory.

Over the past five years, there have been 30 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 30 renovation/alteration projects (A2) applied for with a total estimated value of $11,628,675.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link