Ira Fishman borrows $15M from Sun Life Assurance to refi office property in Garment District

Ira Fishman of HSP Real Estate Group through the entity 34th Street Commercial Properties LLC as borrower signed a loan agreement with lender Sun Life Assurance Company of Canada valued at $15 million for 2 parcels, including the tax class office building with commercial with seven to 19 stories (O6) at 43 West 34th Street, 41 West 34th Street in Garment District. The deal closed on March 31, 2020 and was recorded on April 30, 2020.
The property has 113,289 square feet of available development rights.
The average loan per buildable square foot is $132.
The prior lender was Signature Bank.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 20, 2015.
Over the past five years, there have been 11 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 $1,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $2,091,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link