Women’s National Republican Club signs $6M refi in Plaza District
The Women’s National Republican Club through the entity Women’S National Republican Club, Inc. as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $6 million for the hotel (H2) building at 3 West 51st Street in Plaza District, Manhattan.
The deal closed on August 12, 2021 and was recorded on September 8, 2021.
The property has 43,200 square feet of built space and 6,977 square feet of additional air rights for a total buildable of 50,200 square feet according to PincusCo analysis of city data. The loan price per built square foot is $138 and the price per buildable square foot is $119 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 Women’s National Republican Club was Carol Mann.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $133,283.
Within a 400-foot radius of 3 West 51st Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, five were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $711,000, two permits with a total initial cost of $3.3 million and two initial temporary certificate of occupancy issuances for projects that initially costed $16.1 million. The most recent of these five items was the permit on June 22, 2021 for a 2,734,039-square-foot B building with 0 residential units at 50 Rockefeller Plaza.
One of those eight items was a sale which Sapphire Properties Global LLC bought one condo unit in the 6,673-square-foot, 262-unit mixed-use building (RM) on 641 5th Avenue for $11.0 million from Hunnybuns LLC on October 23, 2020.
Of those eight items, two were loans above $5 million totaling $11.2 million. The most recent of the two was Macklowe Properties which borrowed $5.9 million from Fortress Investment Group secured by the 14,708-square-foot, 17-unit rental (D7) on 5 East 51st Street and two other properties on June 29, 2021.
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