ZG Capital Partners borrows $45M from Ladder Capital Finance for acquisition of office property in Mott Haven

Bobby Zar and James Tamborlane’s ZG Capital Partners through the entity Bruckner Partners LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $44.8 million for 2 parcels, including the tax class office building with seven to 19 stories (O3) at 2417 3rd Avenue, 2415 3rd Avenue in Mott Haven. The deal closed on December 20, 2019 and was recorded on January 9, 2020.
The property contains a total of 154,380 square feet of built space. The property has 186,060 square feet of available development rights.
The average loan per buildable square foot is $241.
The loan replaces a $29.5 million loan made in March 2019 by TH Commercial Mortgage. The last time the property sold was March 5, 2015, for $30,570,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 13, 2016.
Over the past five years, there have been 27 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 $100. There were 26 renovation/alteration projects (A2) applied for with a total estimated value of $9,260,125.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link