Macklowe Properties borrows additional $5M from Fortress for properties 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 $5.4 million secured by 3 parcels at 5 East 51st Street, 17 East 47th Street and 12 East 52nd Street in the Plaza District. The deal closed on October 16, 2020 and was recorded on October 21, 2020.

This is a supplemental loan. Macklowe increased the debt on top of a loan given last year totaling $191.75 million secured by the three properties.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $81,000. 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