MCR Development borrows $26M from Western Alliance to buy Royalton hotel in Grand Central

MCR Development through the entity MCROPP New York Royal44 LLC as borrower signed a loan agreement with lender Western Alliance Bank valued at $26.1 million to purchase 1 parcel, including the tax class boutique hotel 10-100 rooms (HB) at 44 West 44th Street in Grand Central. The deal closed on September 4, 2020 and was recorded on September 8, 2020.
The property contains a total of 103,750 square feet of built space.
The average loan per buildable square foot is $251.
The last time the property sold was August 1, 2017, for $53,000,000.

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 were 4 renovation/alteration projects (A2) applied for with a total estimated value of $843,330.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link