681 Madison Ave. co-op association snags $75M loan

The mortgage includes $60M in new financing
By Ben St. Clair | May 09, 2017 04:15PM

Cumberland House Corporation, the co-op association for the 16-story building at 681 Madison Avenue, secured a $75 million loan, according to property records filed Wednesday.

The agreement, which combines two loans from AIG worth $60 million and $15 million, replaces a $15 million loan consolidated by the Bank of New York Mellon in 2014.

Cumberland bought the 108-unit, mixed-use building in 1981 for $1.6 million, records show. Today, the building grosses over $5.2 million of income after expenses, according to tax filings available through the Department of Finance.

It’s not clear how Cumberland would utilize the $60 million in new financing. The loan matures in 2035.

A representative from the building’s management company, Brown Harris Stevens Residential Management, and AIG could not immediately be reached for comment.