Tony Park, MediaWill sign $20M construction loan for conversion in Penn Plaza

Tony Park and the Korean media company MediaWill through the entity 110 West 32nd LLC as borrower signed a rehab construction loan with lender Bank of Hope valued at $20 million for two commercial condominium units that will have 77 residential units, at 115 West 31st Street in Penn Station, Manhattan.
The deal closed on October 21, 2024 and was recorded on November 1, 2024.
The signatory for Tony Park and MediaWill was Toni Park. Mediawill divided the building into three commercial condos, a retail and two other commercial units where it plans 77 residential units.

Park and MediaWill bought the building for $37 million in September 2023, then sold the retail for $30 million.
The conversion plan was filed with the New York City Department of Buildings on September 6, 2023 under job number M00914325. It calls for retail on the first and second floors and 14 units each on floors three through seven and seven units on the eighth floor, for a total of 77.

The block

On the tax block of 115 West 31st Street, PincusCo has identified the owners of five of the six commercial properties representing 1,425,444 square feet of the 1,646,671 square feet. The largest owner is Vornado Realty Trust, followed by Kaufman Investments and then MediaWill.

The majority, or 93 percent of the 1.6 million square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that MediaWill owned at least one commercial property in New York City with 102,145 square feet and a city-determined market value of $20.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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