Torkian Group obtained financing of $43M from American General Life Insurance Company

Torkian Group through the entity 311 West 50 Realty LLC as borrower signed a loan agreement with lender American General Life Insurance Company valued at $43.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 102 residential units at 311 West 50 Street in Midtown West. The deal closed on July 26, 2019 and was recorded on August 01, 2019.
The property contains a total of 104,344 square feet of built space. The property has 3,294 square feet of available development rights.
The average loan per unit is $421,569.
The last time the property sold was March 23, 2015, for $72,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $336,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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