Tishman Speyer through the entity Cityspire, Inc. as borrower signed a refi loan with lender MassMutual through the entity Massachusetts Mutual Life Insurance Company valued at $92.7 million for the office condo at 150 West 56th Street in Midtown West, Manhattan. The mixed-use building also has 337 residential condo units.
The deal closed on October 19, 2023 and was recorded on October 26, 2023. The prior lender was MassMutual which held debt that had an original loan amount of $113.3 million.
The property has 309,391 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $299 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 Speyer was Paul A. Galiano. The signatory for MassMutual was Bradley White.
The office condo in Midtown West has 309,391 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 309,391 square feet. The city-designated market value for the property in 2022 is $107.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
For the tax lot building, it received its initial certificate of occupancy on September 23, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 6th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 20 million square feet of commercial and multi-family construction under development in the last two years, which represents 26 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 1,275,201 square feet of the 1,456,704 square feet. The largest owner is Zucker Organization, followed by Waterman Interests and then Sol Goldman Investments.
On the tax block, there were two new building construction projects totaling 289,115 square feet. The largest is a 208-unit, 214,032 square-foot 70 building submitted by Extell Development and filed by David Rothstein with plans filed April 14, 2023 and it has not been permitted yet. The second largest is a 75,083 square-foot business (B) building submitted by Savanna and filed by Eric Desimone with plans filed March 28, 2017 and permitted December 20, 2017.
The majority, or 43 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 28 percent of the space.
The PincusCo database currently indicates that Tishman Speyer owned at least 33 commercial properties with 2,352 residential units in New York City with 16,982,970 square feet and a city-determined market value of $6.3 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.6 billion in debt, with top three lenders as Wells Fargo, Blackstone Group, and Bank of America respectively. Within the portfolio, the bulk, or 75 percent of the 16,982,970 square feet of built space are office properties, with specialty properties next occupying 9 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.
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