Madison Marquette, Perella Weinberg borrow $62M from Citizens Bank for BankNote Building in Hunts Point

Madison Marquette and Perella Weinberg Partners through the entity Lafayette Avenue LLC as borrower signed a loan agreement with lender Citizens Bank, N.A. valued at $62.0 million for 1 parcel, including the tax class office building with two to six stories (O2) at 1201 Lafayette Avenue in Hunts Point. The deal closed on January 22, 2020 and was recorded on February 14, 2020.
The property contains a total of 367,472 square feet of built space.
The average loan per buildable square foot is $169.
The total secured debt on the BankNote Building in the Bronx has risen to $103 million from $93 million in August 1, 2019. On that day, property owner Perella Weinberg and Madison Marquette sold the fee position to iStar-managed REIT Safehold for $$64.6 million, and retained ownership of the building through a ground lease with Safehold. At the time of that sale, Safehold financed its purchase with at $41 million loan from Bank of America.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 30, 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 $1,043,142.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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