Brookfield borrows $40.5M against Manhattan West retail

Brookfield Properties borrowed $40.5 million secured by Manhattan West retail in Hudson Yards in two transactions including $33.9 million in construction financing.

In the first, Brookfield Properties through the entity BOP MW Retail Subsidiary LLC as borrower signed a loan agreement with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $33.9 million for 9 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 389 9th Avenue, 391 9th Avenue, 440 West 31st Street 435 West 31st Street, and others in Hudson Yards. The deal closed on July 27, 2020 and was recorded on July 29, 2020.

The financing is composed of a $22.4 million building loan and an $11.5 million project loan.

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

In the second transaction, Brookfield Properties through the entity BOP NE Retail LLC as borrower signed a loan agreement with lender New York City Industrial Development Agency valued at $6.6 million for 1 parcel, including the tax class not available at 395 Ninth Avenue in Hudson Yards. The deal closed on July 27, 2020 and was recorded on July 29, 2020.

This refinances a loan from the Hudson Yards Infrastructure Corp.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. not available