UNG Realty borrows $31.4M from LoanCore Capital for office property in Garment District

UNG Realty Co. through the entity UNG 2 Realty, LLC as borrower signed a loan agreement with lender LoanCore Capital valued at $31.4 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) at 580 8th Avenue in Garment District. The deal closed on September 11, 2020 and was recorded on October 6, 2020.
The property contains a total of 72,649 square feet of built space.

The last time the property sold was December 19, 2018, for $17,705,951. The signatory for the borrower was Miriam Ungar. Yesterday, Ung Realty recorded a $44.6 million for 251 West 39th Street.

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 $550,860.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was James J. Goodall