510 east 85th Street
US - New York, NY
Jones Lang LaSalle (“JLL”) has been exclusively retained by the Seller to market for sale a $18.2 million non-performing loan (the “Loan”), with a total payoff of $29.3 million, secured by the fee simple interest in a residential & commercial townhome (the “Property” or “Collateral”). The Loan was originated in June 2018 with an initial funding of $23 million. With an original term of 24 months, the Loan was amended in January 2020 to extend the Maturity Date to January 31, 2021 and modify the interest rate to a fixed 5.50%. The Loan went non-performing as a result of a payment default, followed by a subsequent maturity default.
The five-story property is situated in the highly desirable Upper East Side neighborhood. Building improvements were constructed in 1899 and redeveloped in 2008. The Property is composed of 10,713 SF, which includes a 2,228 SF gallery on the first floor. Featuring a 2,000 SF outdoor terrace on the third floor and a roof deck on the fifth floor, the ultra-luxurious Property is positioned on a 2,248 SF parcel of land. Located steps away from Central Park, the Collateral benefits from an unparalleled location.
Situated three blocks away from Central Park, the Property features tremendous walkability in one of the most desirable neighborhoods in Manhattan.
With the Lender having initiated foreclosure, a potential investor has the opportunity to step into the ongoing process with a quicker path to title.
The Property features extravagant amenities including a sauna, jacuzzi, fitness center, wine cellar, outdoor terrace and rooftop deck with city views.
Under R8B zoning, the Collateral provides optionality for future permitted uses.