Charles Cotsalas, senior vice president/managing director of NorthMarq’s Long Island office collaborated with Robert Delitsky, senior vice president/managing director of NorthMarq’s New York City office to arrange a $42 million permanent financing for The Agora Building.
Nationwide Life Insurance Company, one of NorthMarq’s correspondent life insurance companies, financed the transaction.
The property is a six-story, 70,000 s/f mixed-use (office and retail) building located at 1556 Third Avenue in the Upper East Side.
The Agora Building has been owned by the borrower, Muss Development, for more than 15 years and is leased to a variety of professional tenants that serve the Upper East neighborhood, many of which are associated with medical, dental, mental health and rehabilitation services.
“Ownership has done a great job positioning the Agora building to meet tenant demand in the market. This is one of the few buildings that allows local commercial tenants to service their customer base,” said Delitsky.