Woodstock Tower co-op borrows $20M from Apple Bank for refi in Murray Hill

Woodstock Tower cooperative through the entity Woodstock Owners Corp. as borrower signed a loan agreement with lender Apple Bank for Savings valued at $20.3 million for 1 parcel, including the tax class cooperative (D4) and containing 459 residential units at 312 East 42nd Street in Murray Hill. The deal closed on May 12, 2020 and was recorded on June 5, 2020.
The property contains a total of 261,401 square feet of built space.
The average loan per unit is $44,227.
This package includes $4.8 million in new debt and refinances $18.5 million provided by New York Community Bank.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $1,599,370. Those filings sought to increase the number of residential units by 459 to 5,009.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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