Townhouse Management signs $52.5M rehab with White Oak for building in Murray Hill

Townhouse Management Company through the entity 554 Euo LLC as borrower signed a rehab loan with lender White Oak Real Estate through the entity White Oak Real Estate Capital 1, LLC valued at $52.5 million for the property at 554 3rd Avenue in Murray Hill, Manhattan.
The deal closed on December 29, 2021 and was recorded on January 13, 2022. The prior lender was Santander Bank which held debt that had an original loan amount of $39.7 million.
The property has 98,769 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $531 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Townhouse Management Company was Mitchel Maidman. The signatory for White Oak Real Estate was Eric Tanjeloff.
(102980142) Plans for a 135-unit, 0 square-foot J-2 were filed on August 28, 2001 and were permitted on January 15, 2003.
This includes $5.5M in building loan.
On the tax block, the majority, or 68 percent of the 791,437 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 7 percent of the space.
Within a 400-foot radius of 554 3rd Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on May 6, 2020 for a 93,435-square-foot R-2 building with 122 residential units at 162 E 36th Street.
One of those three items was a sale which Betty Mossanen and Shahzad Mossanen bought the 36,020-square-foot, 48-unit rental (D3) on 207 East 37th Street and one other property for $24.8 million from Lila Kalimian and Shahzad Mossanen on October 15, 2021.
One of those three items was a loan which Thomas Fan borrowed $13.1 million from JPMorgan Chase secured by the 76,024-square-foot, 90-unit rental (D6) on 525 3rd Avenue on April 2, 2020.

Direct link to Acris document. link