Princeton International signs $72M refi with Wells Fargo for office building in Garment District

David Tawfik’s Princeton International Properties through the entity Park House Plaza, LLC as borrower signed a refi loan with lender Wells Fargo valued at $72 million for the office building (O4) at 104 West 40th Street in the Garment District, Manhattan.
The deal closed on July 16, 2021 and was recorded on August 4, 2021.
The property has 173,108 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $415 per the PincusCo analysis.
The owner bought the property on January 9, 2013, for $103 million.
The signatory for Princeton International Properties was Ronen Ben-Josef. The signatory for Wells Fargo was Steven T. Sedlak.

Within a 400-foot radius of 109 West 39th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.1 million and one initial temporary certificate of occupancy issuance for a project that initially cost $1.1 million. The most recent of these two items was the temporary certificate of occupancy on March 18, 2021 for a 768,530-square-foot B building with no residential units at 1400 Broadway.

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