Shimizu Realty Development borrows $84M from Sumitomo Mitsui for office property in Midtown East

Shimizu Realty Development through the entity SRD Office Nye46, LLC as borrower signed a loan agreement with lender Sumitomo Mitsui Banking Corporation valued at $84.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 305 East 46th Street in Midtown East. The deal closed on November 14, 2019 and was recorded on November 20, 2019.
The property contains a total of 153,689 square feet of built space.
The average loan per buildable square foot is $547.
Shimizu Realty Development acquired the property on the same day for $147 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 22, 2012.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,715,955.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link