Sky Management borrows $21.2M from M&T Bank for property in Lenox Hill

Sky Management through the entity Alliance 77 LLC as borrower signed a loan agreement with lender M&T Bank’s Manufacturers And Traders Trust Company valued at $21.2 million for 5 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 76 residential units at 1481 2nd Avenue, 1491 2nd Avenue, 264 East 78th Street, 251 East 77th Street, 262 East 78th Street in Lenox Hill. The deal closed on October 15, 2020 and was recorded on October 26, 2020.
The property has 189,496 square feet of built space and available development rights.
The average loan per unit is $278,990.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for at least one of the buildings with 32 residential units on June 30, 2015.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $240,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $101,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Leeanne Martz