iStar’s Safehold, Inc. borrows $107M from AIG for property in Midtown West

IStar’s Safehold, Inc. through the entity 135 West 50th Street Ground Owner LLC as borrower signed a loan agreement with lender AIG through the entity American General Life Insurance Company valued at $106.9 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 135 West 50th Street in Midtown West. The deal closed on December 9, 2019 and was recorded on December 17, 2019.
The property contains a total of 865,759 square feet of built space.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 15, 2019.
Over the past five years, there have been 38 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $21,557,000. There were 34 renovation/alteration projects (A2) applied for with a total estimated value of $12,681,957.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link