United American Land obtained financing of $18M from First Republic Bank

United American Land through the entity 71 Spring LLC as borrower signed a loan agreement with lender First Republic Bank valued at $18.0 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 71 Spring Street in Soho. The deal closed on August 23, 2019 and was recorded on September 11, 2019.
The property contains a total of 56,340 square feet of built space.
The average loan per buildable square foot is $319.
The last time the property sold was June 8, 2004, for $14,300,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 10, 2013.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $2,034,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link