Handro Properties borrows $52M from New York Community Bank for loft property in Garment District

Scott Galin’s Handro Properties and Handler Real Estate Organization through the entity 263 West 38th Street Associates LLC as borrower signed a loan agreement with lender New York Community Bank valued at $52.0 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) at 263 West 38th Street in Garment District. The deal closed on March 12, 2020 and was recorded on March 19, 2020.
The property contains a total of 146,377 square feet of built space.
The average loan per buildable square foot is $355.
The last time the property sold was October 17, 2013, for $19,056,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $120,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link