Safehold, the iStar-managed REIT, borrows $41M from Bank of America for property in Hunts Point{

Safehold, the iStar-managed REIT, through the entity 1201-31 Lafayette Ground Owner as borrower signed a loan agreement with lender Bank of America valued at $41.0 million for 1 parcel, including the tax class office building with two to six stories (O2) at the BankNote building at 1201 Lafayette Avenue in Hunts Point. The deal closed on August 1, 2019 and was recorded on September 23, 2019.
The property contains a total of 367,472 square feet of built space.
The average loan per buildable square foot is $112.
The last time the property sold was August 1, 2019, when Safehold purchased the underlying fee for $64.5 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 30, 2012.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $938,895.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article