Stellar Management borrows $27M from New York Community Bank for property in Midtown East

Stellar Management through the entity Stellar Sutton, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $27.2 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 85 residential units at 320 East 52nd Street in Midtown East. The deal closed on October 30, 2019 and was recorded on January 30, 2020.
The property contains a total of 88,300 square feet of built space.
The average loan per unit is $319,857.
The last time the property sold was May 18, 2005, for $35,400,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 90 residential units on April 9, 2013.
Over the past five years, there have been 29 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 29 renovation/alteration projects (A2) applied for with a total estimated value of $2,184,997.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link