Gerald Barad and Shimmie Horn’s Triumph Hotels borrows $65M from Apple Bank For Savings for hotel in Times Square

Gerald Barad and Shimmie Horn’s Triumph Hotels through the entity Edison Management Co., L.L.C as borrower signed a loan agreement with lender Apple Bank For Savings valued at $65.0 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 228 West 47th Street in Times Square. The deal closed on October 29, 2019 and was recorded on November 14, 2019.
The property contains a total of 399,325 square feet of built space.
The average loan per buildable square foot is $63.
This is a mortgage modification and extension for the first, second and third mortgages which total $65 million.

Over the past five years, there have been 32 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 $1,089,000. Those filings sought to increase the number of residential units by 12 to 811 There were 31 renovation/alteration projects (A2) applied for with a total estimated value of $4,518,325.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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