The Pierre co-op in Lenox Hill add $17M in debt for total of $50M from Genworth Life

The Pierre co-op through the entity 795 Fifth Avenue Corporation as borrower signed a loan agreement with lender Genworth Life Insurance Company valued at $50 million for 1 parcel, including the tax class apartment hotels which are cooperatively owned (H7) at The Pierre at 795 Fifth Avenue in Lenox Hill. The deal closed on November 24, 2020 and was recorded on December 16, 2020.
The property contains a total of 515,755 square feet of built space.
The average loan per buildable square foot is $97.
The financing includes a $17 million gap loan.

Over the past five years, there have been 23 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 22 renovation/alteration projects (A2) applied for with a total estimated value of $6,819,162.
Direct link to Acris document. link