AmTrust Realty borrows $175M from AIG to rehab office property in Tribeca

AmTrust Realty through the entity 250 Broadway Owner LLC as borrower signed a loan agreement with lender American General Life Insurance Company valued at $175 million for the tax class office building tower type with 20 or more stories (O4) at 250 Broadway in Tribeca. The deal closed on July 2, 2020 and was recorded on September 15, 2020.
The property contains a total of 541,195 square feet of built space.
This is a rehab construction loan, which refinances and adds to a $117 million loan from New York Community Bank given in 2012.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $2,540,528.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link