Macklowe Properties borrows $192M from Fortress Investment Group for property in Plaza District

Macklowe Properties through the entity 52nd Street Barracuda Acquisition LLC as borrower signed a loan agreement with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $191.8 million for 3 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 15 residential units at 5 East 51st Street, 17 East 47th Street, 12 East 52nd Street in Plaza District. The deal closed on September 19, 2019 and was recorded on October 3, 2019.

The loan package includes a $50.95 million gap mortgage. The last time one of the three properties sold was February 15, 2019, when Macklowe acquired 5 East 51st Street for $44,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.