Tableware manufacturer borrows $9M from Cathay Bank for property in Flatiron

Tableware manufacturer PTS America through the entity 222 Fifth Inc. as borrower signed a loan agreement with lender Cathay Bank valued at $9.2 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 222 Fifth Avenue in Flatiron. The deal closed on May 29, 2020 and was recorded on June 4, 2020.
The property contains a total of 13,145 square feet of built space. The property has 28,396 square feet of available development rights.
The average loan per buildable square foot is $324.
Deborah Hidajat, the signatory, is an executive with PTS America.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link