Reading Intl. buys $50M note on its own Union Square building from Fortress

Reading International through its subsidiary Ronwood Investments Limited in New Zealand bought a $50 million construction note secured by the tax class office building with commercial with one to six stories (O5) at 44 Union Square in Gramercy from Fortress Investment Group. The deal closed on March 25, 2021 and was recorded on April 15, 2021.
The property contains a total of 70,201 square feet of built space.
Fortress bought the debt in January 2021 from construction lender Bank OZK, as PincusCo first reported.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,756,000.

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