Stellar Management, Vornado borrow $86M from Helaba for multifamily properties on the Upper West Side

Stellar Management and Vornado Realty Trust through the entity Columbus Manor LLC as borrower signed a loan agreement with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $85.5 million for 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 326 residential units at 70 West 93rd Street, 50 West 93rd Street in the Upper West Side. The deal closed on December 23, 2019 and was recorded on February 5, 2020.
The property has 389,526 square feet of built and/or available development rights.
The average loan per unit is $262,270.
The new loan includes $5.9 million in additional debt. The last time the property sold was July 24, 2012, when Vornado bought a minority stake for $63,411,765.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 189 residential (or hotel) units on September 11, 2012.
Over the past five years, there have been 16 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 $3,670,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $1,313,680.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link