Silk & Halpern borrows $14M from Apple Bank to refi office property in Plaza District

Richard T. Halpern’s Silk & Halpern Realty Associates through the entity 425 Madison Associates as borrower signed a loan agreement with lender Apple Bank For Savings valued at $13.5 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 425 Madison Avenue in Plaza District. The deal closed on March 11, 2020 and was recorded on April 15, 2020.
The property contains a total of 102,519 square feet of built space.
The average loan per buildable square foot is $107.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,087,775.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link