Allied Partners borrows $34M from Signature Bank for office property in Midtown West

Allied Partners through the entity Landpen Co., L.P. as borrower signed a loan agreement with lender Signature Bank valued at $34.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 254 West 54th Street in Midtown West. The deal closed on December 10, 2020 and was recorded on March 24, 2021.
The property contains a total of 60,000 square feet of built space.
The average loan per buildable square foot is $567.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $933,700.

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