Tishman signs $150M refi loan with Wells Fargo for mixed-use building in Times Square

Tishman through the entity DTA Fee Owner LLC as borrower signed a refi loan with lender Wells Fargo through the entity Wells Fargo Bank, National Association valued at $150 million for the mixed-use building (K4) at 243 West 42nd Street in Times Square, Manhattan. The package is composed of a $140 million refinance of existing debt and a $10 million building loan mortgage.
The deal closed on November 9, 2021 and was recorded on November 29, 2021.
The property has 150,000 square feet of built space and 252,054 square feet of additional air rights for a total buildable of 402,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $933 and the price per buildable square foot is $348 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Tishman was Jennifer Nellany.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $13.6 million.
Within a 400-foot radius of 243 West 42nd Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Katz NYC borrowed $6.3 million from M&T Bank secured by the 41,287-square-foot, 12-unit office building (O5) on 260 West 44th Street and one other property on August 19, 2021.

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