Silverstein Properties gets $122M refi rehab loan from JPMorgan Chase for property in Grand Central

Silverstein Properties through the entity 529 Fifth Company Holdings LLC as borrower signed a rehabilitation construction and refinance loan agreement with lender JPMorgan Chase Bank valued at $122 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 529 Fifth Avenue in Grand Central. The deal closed on October 9, 2020 and was recorded on December 18, 2020.
The property contains a total of 271,266 square feet of built space.
The average loan per buildable square foot is $234.
The $122 million financing includes a $21.4 million rehab building loan and a $37.2 million rehab project loan, on top of a $63.4 million land loan. The prior maximum debt was $85 million from 2013. The Commercial Observer reported the total loan package at $171 million. The last time the property sold was December 15, 2006 for $150,000,000.
Over the past five years, there have been 27 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 27 renovation/alteration projects (A2) applied for with a total estimated value of $3,768,607.

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