Fortress buys $50M loan secured by Reading International’s 44 Union Square East

Fortress Investment Group through the entity DB Tammany USQ LLC acquired a construction loan with a maximum value of $50 million secured by 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 44 Union Square in Gramercy. The deal closed on January 21, 2021 and was recorded on February 4, 2021.

Fortress bought the $50 million construction loan Bank OZK gave to Reading International for the conversion of the building to office and retail.

Over the past five years, there have been 10 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 $20,000,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $4,787,533.
Direct link to Acris document. link
Correction: An earlier version of this post incorrectly provided the name of Fortress Investment Group.