Anne Reilly through the entity 119 W 45th Management LLC as borrower signed a refi loan with lender Bank of America through the entity Bank Of America, Na valued at $15.5 million for the hotel building (H2) at 119 W 45th Street in Midtown West, Manhattan.
The deal closed on June 21, 2022 and was recorded on July 15, 2022. The prior lender was Bank of America which held debt that had an original loan amount of $6.8 million. The property has 13,039 square feet of built space and 12,073 square feet of additional air rights for a total buildable of 25,100 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,188 and the price per buildable square foot is $617 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on March 14, 2014, for $12 million. The signatory for Anne Reilly was Anne Reilly. The signatory for Bank of America was Matthew Brogan.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Anne Reilly, head officer and Brendan Connolly, officer. The business entity is 119 W.45th Management Llc.
The 119 W 45th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. The zoning is C6-5.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $5.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation and $750 in OATH penalties in the last year.
For the tax lot building, it received its initial certificate of occupancy on June 14, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
In Midtown West, the majority, or 73 percent of the 77.7 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 5th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 11.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of eight of the 25 commercial properties representing 1,933,232 square feet of the 2,644,692 square feet. The largest owner is Vornado Realty Trust, followed by Silverstein Properties and then Edge Fund Advisors. There are no active new building construction projects on this tax block.
The majority, or 59 percent of the 1.8 million square feet of built space are office buildings, with hotel buildings next occupying 31 percent of the space.
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