Spitzer Enterprises borrows $27M from First Republic Bank for multifamily property in Plaza District

Spitzer Enterprises through the entity East 57th Street, LLC as borrower signed a loan agreement with lender First Republic Bank valued at $27.0 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 144 residential units at 150 East 57th Street in Plaza District. The deal closed on November 5, 2019 and was recorded on November 8, 2019.
The property contains a total of 158,063 square feet of built space.
The average loan per unit is $187,500.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $422,072.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link