Stellar Management borrows $116M from New York Community Bank for property in Midtown East

Stellar Management through the entity Embassy House Eat LLC as borrower signed a loan agreement with lender New York Community Bank valued at $115.6 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 251 residential units at 884 2nd Avenue in Midtown East. The deal closed on September 10, 2019 and was recorded on October 1, 2019.
The property contains a total of 290,001 square feet of built space.
The average loan per unit is $460,447.
The debt on the building was cut by 5 percent in the new refinancing. New York Community Bank was the prior lender in 2015 when it provided $121.15 million. The last time the property sold was August 17, 2006, when Stellar bought it for $124,250,000.

Over the past five years, there have been 38 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 38 renovation/alteration projects (A2) applied for with a total estimated value of $4,130,494.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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