Zar Property NY ups debt to $30M from Signature Bank at early WeWork location in Garment District

Zar Property NY through the entity 349 Fifth Ave LLC as borrower signed a loan agreement with lender Signature Bank valued at $30 million for 1 parcel, including the tax class office building (O6) at 349 Fifth Avenue in the Garment District. The deal closed on December 4, 2020 and was recorded on December 14, 2020.
The property contains a total of 52,220 square feet of built space. The property has 59,271 square feet of available development rights.
The average loan per buildable square foot is $506.
The financing included a $10.9 million mortgage loan. The prior maximum principal was $22.3 million held in a CMBS. The main tenant in the building is WeWork with a Chase Bank on the retail level. The last time the property sold was December 15, 2009, for $18,576,788.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $783,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link