Feil, Lloyd Goldman, Nakash modify $27M in M&T Bank debt at 140 West 57th Street

The Feil Organization, BLDG Management and Nakash Holdings through the entity Feil 140 W. 57th Street LLC (and other entities) as tenant-in-common borrowers signed a loan agreement with lender M&T Bank valued at $26.86 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 140 West 57th Street in Midtown West. The deal closed on April 30, 2020 and was recorded on May 6, 2020.
The property contains a total of 90,000 square feet of built space.
The average loan per buildable square foot is $300.
Jeffrey Feil of the Feil Organization, Lloyd Goldman of BLDG Management and Joseph Nakash of Nakash Holdings received a nine month extension on their loan on the property which had been set to mature in February 2020 and will now mature in November 2020. Feil and Goldman partnered to purchase the building from Harry Macklowe for $58.96 million in 2009. At that time, Feil and Goldman took out the $31 million loan. In May 2019, Nakash bought an 18.75 percent tenant-in-common interest in the office building, with Feil and Goldman’s stakes put at 40.625. In this most recent extension, the loan, which was most recently set to expire in February 2020, was extended to November 2020, when full payment of the outstanding balance of $26.86 million is due. The owners have had a variety of visions for the property over the years, and in 2018 hired a Cushman & Wakefield team to sell the building. Nakash bought his stake in May 2019.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 1, 2014.
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 $1,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $332,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link