Touro College borrows $30M through state bonds to purchase in Extell’s Gem Tower

Touro College as borrower signed a loan agreement through the sale of bonds by the Dormitory Authority of the State Of New York valued at $30.3 million for 12 parcels, including the tax class commercial real estate (CR) at 50 West 47th Street in the Plaza District. The deal closed on July 1, 2020 and was recorded on July 15, 2020.

The Dormitory Authority issued $56.3 million in bonds for Touro, and $30.3 million of those bonds are secured by the condominium units acquired from Extell Development for $26.5 million on the same day.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link