SL Green Realty takes control of Thor’s 590 Fifth valued at $84.5M

SL Green Realty took control of 590 Fifth Avenue (Credit: Google)

SL Green Realty through the entity 590 Fifth Acquisition LLC took control from Thor Equities’s Thor Fifth Avenue Mezz LLC of 590 Fifth Avenue in the Plaza District, valued at $84.5 million. The deal closed on October 26, 2020, and was recorded on November 6, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 93,123 square feet. The parcel(s) have total development potential of 93,123 square feet.
The average sale price per square foot is $908.
SL Green controlled mezzanine debt on the property and in August 2020 purchased the first mortgage with an original principal of $90 million from Midland Life Insurance Company.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 14, 2018.
Over the past five years, there have been 24 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 $44,919. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $2,504,056.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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