Michael Dell’s MSD Partners buys $105M in debt on Roosevelt Hotel in Grand Central
Roosevelt Hotel at 45 East 45th Street (Credit: Google)
Michael Dell’s MSD Partners buys $105 million in debt from JPMorgan Chase Bank secured by Pakistan International Airlines’ Roosevelt Hotel. MSD is partnering with TF Cornerstone and RXR Realty on a $3 billion skyscraper project on 42nd Street.
MSD Partners, is formed by principals of Michael Dell’ MSD Capital. MSD acquired the debt through the entity MSD PCOF Partners XXII, LLC for the parcel with the tax class luxury type hotel built prior to 1960 (H1) at 45 East 45th Street in Grand Central. The deal closed on June 8, 2020 and was recorded on June 22, 2020.
The property contains a total of 598,248 square feet of built space.
JPMorgan Chase Bank provided a $105 million loan in 2018. The signatory for that loan was Najeeb Samie.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 1,043 hotel units on August 20, 2012.
Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $6,203,210.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link