SL Green Realty borrows $54M from Wells Fargo Bank for acquisition of property in Clinton

SL Green Realty through the entity 707 11 Owner LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $53.5 million for 603 West 50th Street, composed of 2 parcels, including the tax class office building with two to six stories (O2) at 615 West 50th Street, 601 West 50th Street in Clinton. The deal closed on January 10, 2020 and was recorded on January 21, 2020.
The property has 154,038 square feet of available development rights.
The average loan per buildable square foot is $347.
The prior debt issued by LibreMax Capital and assigned to Wells Fargo, totaled $60 million. SL Green acquired the building from an affiliate of Kenneth Cole for $90 million at the same time as this new loan. The last time the property sold was June 15, 2006, when Kenneth Cole purchased it for $24,000,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $90,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link