Thomas Fan borrows $13M from JPMorgan Chase to refi property in Murray Hill

Thomas Fan through the entity 35 East Associates, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $13.1 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 85 residential units at 525 3rd Avenue in Murray Hill. The deal closed on March 27, 2020 and was recorded on April 2, 2020.
The property contains a total of 76,024 square feet of built space. The property has 93,852 square feet of available development rights.
The average loan per unit is $154,118.
The last time the property sold was November 23, 2009, for $28,250,000.

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 $129,720.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link