Stellar Management obtained financing of $78M from New York Community Bank

Stellar Management through the entity 44 W. 28 Penn Plaza Properties, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $78.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 44 West 28 Street in Nomad. The deal closed on August 27, 2019 and was recorded on September 06, 2019.
The property contains a total of 141,830 square feet of built space.
The average loan per buildable square foot is $550.
The last time the property sold was June 21, 2007, for $51,500,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 28 renovation/alteration projects (A2) applied for with a total estimated value of $4,858,112.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.