Ascot Properties NYC borrows $7M from Signature Bank for property in Times Square

Ascot Properties NYC through the entity 146 W 47 St. LLC as borrower signed a loan agreement with lender Signature Bank valued at $6.5 million for 146 West 47th Street in Times Square. The deal closed on July 10, 2019 and was recorded on September 24, 2019.
The property contains a total of 7,000 square feet of built space and has the tax class two-story or store and office (K2). The property has 11,825 square feet of available development rights.
The average loan per buildable square foot is $345.
The last time the property sold was October 2, 2013, for $10,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 24, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $50,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $275,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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