Raizada S. Vaid borrows $8M from Signature Bank for multifamily building in Times Square

Raizada S. Vaid through the entity TS 47 Hotel LLC as borrower signed a loan agreement with lender Signature Bank valued at $8.3 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 12 residential units at 250 West 47th Street in Times Square. The deal closed on April 30, 2020 and was recorded on May 5, 2020.
The property contains a total of 9,175 square feet of built space. The property has 25,088 square feet of available development rights.
The average loan per unit is $693,750.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $220,020. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $828,704.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link