Masterworks Development obtained financing of $36M from M&T Bank

Masterworks Development through the entity Midtown South Owner, LLC as borrower signed a loan agreement with lender Manufacturers And Traders Trust Company valued at $36.0 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 38 West 45 Street in Grand Central. The deal closed on August 02, 2019 and was recorded on August 08, 2019.
The property contains a total of 60,261 square feet of built space. The property has 1,326 square feet of available development rights.
The average loan per buildable square foot is $1,197.
The last time the property sold was August 25, 2016, for $58,700,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link