SL Green Realty borrows $220M from Wells Fargo for office property in Plaza District

SL Green Realty through the entity 10E53 Owner LLC as borrower signed a loan agreement with lender Wells Fargo valued at $220 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 10 East 53rd Street in Plaza District. The deal closed on February 7, 2020 and was recorded on February 10, 2020.
The property contains a total of 366,879 square feet of built space.
The average loan per buildable square foot is $463.
SL Green borrowed $50 million as a supplemental mortgage loan as part of the financing. The last time the property sold was February 17, 2012, for $252.5 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 12, 2016.
Over the past five years, there have been 120 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $21,000. There were 118 renovation/alteration projects (A2) applied for with a total estimated value of $32,440,588.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link