601W Companies borrows $565M to buy property in Hudson Yards

Mark Karasick’s 601W Companies through the entity 601W Tenth Owner LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $565 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 460 West 34th Street in Hudson Yards. The deal closed on December 18, 2020 and was recorded on January 14, 2021.
The property contains a total of 538,520 square feet of built space.
The average loan per buildable square foot is $1,049.
The total secured debt was reduced by $35 million from $600 million given by Goldman Sachs in August 2020. Mark Karasick’s 601W Companies bought the property with an announced price of $952.5 million and a transfer price of $809.9 million. There is a typo on the cover pages of the loans, with JPMorgan spelled as JOMorgan.
Over the past five years, there have been 51 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $11,150,000. There were 49 renovation/alteration projects (A2) applied for with a total estimated value of $77,048,122.

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