Stawski Partners refis $29M loan from Helaba, reduces guarantor requirements

Stawski Partners through the entity 579 Fifth Avenue, LLC as borrower signed a loan modification agreement with lender Helaba through the entity Landesbank Hessen-Thueringen Girozentrale valued at $29.3 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 579 5th Avenue in Grand Central. The deal closed on June 5, 2020 and was recorded on June 18, 2020.
The property contains a total of 130,715 square feet of built space.
The average loan per buildable square foot is $224.
Axel “Abraham” Stawski was the signatory for this loan modification, which reduced the net worth requirements for Stawski. In 2010, the loan required Stawski to have a net worth of no less than $100 million and liquidity of no less than $12.5 million. The newly modified loan requires Stawski as an individual to have a consolidated net worth of no less than $50 million and minimum liquidity of no less than $5 million, as guarantor. The loan refinances a loan of the same amount from 2014.

Over the past five years, there have been 35 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 35 renovation/alteration projects (A2) applied for with a total estimated value of $5,737,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link