Stuart Podolsky borrows $50M from Signature Bank for hotel in Lenox Hill

Stuart Podolsky through the entity Plaza East Hotel L.L.C. as borrower signed a loan agreement with lender Signature Bank valued at $50 million for 1 parcel, including the tax class boutique hotel 10-100 rooms (HB) at 500 East 62nd Street in Lenox Hill. The deal closed on December 20, 2019 and was recorded on January 16, 2020.
The property contains a total of 132,966 square feet of built space.
The average loan per buildable square foot is $376.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 197 hotel units on August 29, 2014.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $77,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link