Fortuna Realty gets $112M construction loan from Goldman Sachs for property in Garment District

Fortuna Realty Group through the entity 26 West 39th LLC as borrower signed a loan agreement with lender Goldman Sachs Bank Usa valued at $112 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 19 West 38th Street in Garment District. The deal closed on November 3, 2020 and was recorded on November 25, 2020.

This is a new construction loan. The financing is composed of a$36.9 million and a project loan $17.2 million and a $58 million land loan. Fortuna filed plans in 2016 for a 27-story hotel building with 299 rooms.

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 has been one demolition project filed for the parcels over the past five years.
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