Vanbarton Group borrows $240M from Blackstone for multifamily property in Garment District

Vanbarton Group’s Gary Tischler and Richard Coles through the entity VBG 990 AOA LLC as borrower signed a loan agreement with lender Blackstone Mortgage Trust through the entity Parlex 3A Finco, LLC valued at $240 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 320 residential units at 990 Sixth Avenue in the Garment District. The deal closed on February 27, 2020 and was recorded on March 3, 2020.
The property contains a total of 386,382 square feet of built space.
The average loan per unit is $750,000.
The new debt includes a $47 million gap loan and $28 million in building and project loans. The last time the property sold was January 10, 2018, when Vanbarton bought it for $316 million.

Over the past five years, there have been 22 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 $1,800,000. Those filings sought to increase the number of residential units by 60 to 380 There were 21 renovation/alteration projects (A2) applied for with a total estimated value of $8,489,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link