Safehold, Inc. borrows $41M from Safehold affiliate against BankNote Building land in Hunts Point

Safehold, Inc. through the entity 1201-31 Lafayette Ground Owner LLC as borrower signed a loan agreement with lender Safehold Lender II LLC valued at $41 million for the land under 1 parcel, including the tax class office building with two to six stories (O2) at BankNote Building at 890 Garrison Avenue also known as 1201 Lafayette Avenue in Hunts Point. The deal closed on April 21, 2020 and was recorded on June 18, 2020.
The property contains a total of 367,472 square feet of built space.
The average loan per buildable square foot is $112.
Bank of America assigned the debt to an entity with the same address as Safehold, the iStar-managed ground-leasing company. The last time the property sold was August 1, 2019, when Safehold bought the ground for $64,582,900. At the time, Safehold borrowed $41 million from Bank of America.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 30, 2012.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1,143,142.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link