MIDTOWN EQUITIES obtained financing of $112M from ACORE CAPITAL MORTGAGE

MIDTOWN EQUITIES through the entity 10 SOUTH STREET BANQUET OPERATOR LLC as borrower signed a loan agreement with lender ACORE CAPITAL MORTGAGE through the entity ACORE CAPITAL MORTGAGE, LP valued at $112.0 million for 1 parcel, including the tax class commercial real estate (CR) at 10 South Street in Financial District. The deal closed on June 27, 2019 and was recorded on July 15, 2019.
The property contains a total of 1,914,270 square feet of built space. The property has 1,756,073 square feet of available development rights.
The average loan per buildable square foot is $59.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $37,952.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Story link.