Spitzer Enterprises borrows $115M from First Republic Bank for multifamily property in Lenox Hill

Spitzer Enterprises through the entity 800 Fifth Avenue Associates LLC as borrower signed a loan agreement with lender First Republic Bank valued at $115.0 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 208 residential units at 800 5th Avenue in Lenox Hill. The deal closed on November 5, 2019 and was recorded on November 8, 2019.
The property contains a total of 355,978 square feet of built space.
The average loan per unit is $552,885.
First Republic, which provided the prior debt which totaled $90 million, issued a gap mortgage of $25 million to bring the total to $115 million.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,614,545.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link