Ron Perelman’s firm lands $110M refi for Lenox Hill rental

Debt on the property nearly equal to its 2014 purchase price

New York /
Sep.September 25, 2018 05:10 PM

Ron Perelman and 27 East 62nd Street (Credit: Getty Images and Friends UES)

Billionaire Ronald Perelman’s MacAndrews and Forbes landed a $110 million loan for 27 East 62nd Street.

Citibank is the lender, records filed with the city Tuesday show. The new debt replaces a $74 million mortgage from 2016 and includes $41 million in new financing. The property is a nine-story rental building with 30 units and 5,000 square feet of retail.

The new financing appears to carry a high loan-to-value ratio, considering Perelman paid $120 million for the property it in 2014.

Earlier this year in the Hamptons, Perelman was fighting building code violations at his Montauk Highway estate, where he has proposed building a new home of more than 28,000 square feet. The issue has since been resolved, Perelman’s spokesperson said.

At 75, Perelman has net worth of about $10 billion, according to Forbes (Bloomberg cites $18 billion, however). He built his wealth in the 1980s by orchestrating leveraged buyouts of struggling corporations.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M for Hunts Point last-mile site
Turnbridge, Dune land $381M for Hunts Point last-mile site
Two more rent law challenges tossed, landlords reserve hope in appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
Big month for retail sales bodes well for landlords
Big month for retail sales bodes well for landlords
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
250 Park Avenue and IWG CEO Mark Dixon (Google Maps, IWG)
IWG to open 58K sf co-working site on Park Ave
IWG to open 58K sf co-working site on Park Ave
Tritec Principal Robert Coughlan with the project (Tritec)
Tritec lands $173M for Bay Shore Residences
Tritec lands $173M for Bay Shore Residences
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...