Stonehenge, A-Rod Corp., borrow $24M from Heitman LLC for acquisition of Midtown East rental building

Ofer Yardeni’s Stonehenge NYC, Alex Rodriguez’s A-Rod Corp., and Adam Modlin’s Modlin Group through the entity SP 340 E 51 Owner LLC as borrower signed a loan agreement with lender Heitman LLC through the entity Heitman Credit Acquisition VII, LLC valued at $23.6 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 114 residential units at 340 East 51st Street in Midtown East. The deal closed on February 20, 2020 and was recorded on February 27, 2020.
The property contains a total of 88,658 square feet of built space.
The average loan per unit is approximately $200,000.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 114 residential (or hotel) units on September 25, 2012.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $241,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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