United Overseas Bank consolidates $67M borrowed from itself for office property in Plaza District

United Overseas Bank through the entity UOB Realty (USA) as borrower signed a loan agreement with lender United Overseas Bank valued at $67 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 592 Fifth Avenue in Plaza District. The deal closed on June 12, 2020 and was recorded on June 18, 2020.
The property contains a total of 70,135 square feet of built space. The property has 70,488 square feet of available development rights.
The average loan per buildable square foot is $951.
The signatory for the borrower entity was the bank’s country managing director Eriberto “Bert” De Guzman. The bank is based in Singapore. The bank previously borrowed the $67 million in two separate loans that were consolidated in this transaction.

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 $19,978,225.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link