A group of borrowers including SL Green Realty, Ceruzzi Properties and Argentina-based IRSA through the entity 885 3rd Avenue Realty Owner LLC as borrower signed a loan agreement with lender SL Green Realty through the entity 885 Third Funding LLC valued at $272 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 885 3rd Avenue in Midtown East. The deal closed on March 1, 2021 and was recorded on March 4, 2021.
The property contains a total of 554,180 square feet of built space. The ownership structure is complex and involves ground leases.
The average loan per buildable square foot is $491.
SL Green owns a preferred position in Ceruzzi’s stake, according to reports. SL Green acquired the debt from CSMC Trust 2017-LSTK. The owners of the ground and the fee obtained the$272 million loan in 2017.  The last time the property sold was February 8, 2016 for $453,000,000.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $4,796,000.

Direct link to Acris document.link
The signatory for the buyer or lender was Jeffrey T. Steiner