Marx Development Group obtained financing of $100M from Mack Real Estate Credit Strategies

Marx Development Group through the entity 37-11 Owner LLC as borrower signed a loan agreement with lender Mack Real Estate Credit Strategies through the entity CMTG Lender 17 LLC valued at $100.0 million for 1 parcel, including the tax class miscellaneous garage (G9) at 450 11 Avenue in Hudson Yards. The deal closed on August 15, 2019 and was recorded on August 30, 2019.

The last time the property sold was September 24, 2013, for $35,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 212,866 square feet. Those plans include a total of 531 residential or hotel units. There have been 3 demolition projects filed over the past five years. The DOB zoning documents show a hotel with 430 units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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