Academy Award-winning production studio borrows $6M for office property in Midtown West

The nearly 100-year-old film production company DuArt Media Services through the entity Du-Art Film Laboratories, Inc. as borrower signed a loan agreement with lender Signature Bank valued at $6 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 245 West 55th Street in Midtown West. The deal closed on June 18, 2020 and was recorded on July 17, 2020.
The property contains a total of 63,450 square feet of built space.
The average loan per buildable square foot is $95.
DuArt bought the building in January 1970. DuArt was awarded an Academy Award in 1979, according to the company history. This is the first debt on the property since the owners paid off a series of mortgages in 1989.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $216,574.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link