Effy Hematian borrows $60M from Signature Bank for property in Times Square

Effy Hematian through the entity 550 Stewart Acquisition LLC as borrower signed a loan agreement with lender Signature Bank valued at $60.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 145 West 45th Street in Times Square. The deal closed on November 26, 2019 and was recorded on December 2, 2019.
The property contains a total of 76,660 square feet of built space.
The average loan per buildable square foot is $783.
Hematian purchased the property on November 26 for $92 million.

Over the past five years, there have been 23 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 $10,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $2,050,141.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link