Zucker Organization borrows $32.5 million from State Farm to refi multifamily in Kips Bay, Soho
The Zucker Organization borrowed $32.5 million from State Farm Realty Mortgage for multifamily property in Kips Bay and Soho in two separate transactions.
In the first, the Zucker Organization through the entity MHM Realty LLC as borrower signed a loan agreement with lender State Farm Realty Mortgage, L.L.C. valued at $26.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 218 residential units at 166 East 34th Street in Kips Bay. The deal closed on May 15, 2020 and was recorded on May 26, 2020.
The property contains a total of 182,767 square feet of built space.
The average loan per unit is $121,651.
State Farm Realty Mortgage provided $30 million in 2014.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 217 residential (or hotel) units on April 13, 2018.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $53,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $242,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second, the Zucker Organization through the entity Sullivan Properties, L.P. as borrower signed a loan agreement with lender State Farm Realty Mortgage, L.L.C. valued at $6.0 million for 7 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 152 residential units at 97 Sullivan Street, 107 Sullivan Street, 111 Sullivan Street, 113 Sullivan Street, 115 Sullivan Street, and others in Soho. The deal closed on May 15, 2020 and was recorded on May 26, 2020.
The average loan per unit is $39,474.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link