Investcorp International Realty and Brickman borrows $112M from Canadian Imperial Bank of Commerce for property in Garment District

Investcorp International Realty and Brickman through the entity West 36 LL, LLC as borrower signed a loan agreement with lender Canadian Imperial Bank of Commerce valued at $112.0 million for 2 parcels, including the tax class miscellaneous office building (O9) at 229 West 36th Street, 256 West 38th Street in Garment District. The deal closed on September 12, 2019 and was recorded on September 18, 2019.
The property contains a total of 130,000 square feet of built space.
The average loan per buildable square foot is $419.
The loan package includes a building loan and a project loan that total $17 million and a gap mortgage of $3 million, in new debt. The last time the property sold was November 6, 2017, for $93,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 19, 2012.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $967,876.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.