HSP Real Estate borrows $53M from Ladder Capital Finance LLC for office property in Penn Plaza

HSP Real Estate through the entity 251 West 30th Owner LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $53.0 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) and containing 7 residential units at 251 West 30th Street in Penn Plaza. The deal closed on September 10, 2019 and was recorded on September 13, 2019.
The property contains a total of 104,199 square feet of built space.
The average loan per buildable square foot is $509.
The last time the property sold was April 29, 2016, for $50,450,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 8 residential (or hotel) units on October 1, 2012.
Over the past five years, there have been 28 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 $50,000. There were 27 renovation/alteration projects (A2) applied for with a total estimated value of $8,640,421.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link