Silk & Halpern borrows $9M from Apple Bank for ground-leased fee in Plaza District

Richard T. Halpern’s Silk & Halpern through the entity Silk & Halpern 57, LLC as borrower signed a loan agreement with lender Apple Bank for Savings valued at $9.3 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 695 Lexington Avenue in Plaza District. The deal closed on February 14, 2020 and was recorded on March 3, 2020.
The property contains a total of 85,449 square feet of built space.
The average loan per buildable square foot is $108.
This is a refinancing at a lower level of debt of the ground-leased fee position. In 2012, Halpern borrowed $10.25 million in a first mortgage and a $2 million credit line.
The last time an interest in the property sold was August 1, 2019, when ABS Partners Real Estate and AEW Capital Management signed a 99-year ground lease valued at $42.8 million for the office building.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $2,504,875.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link