Last week, the owners of the landmark McGraw-Hill building at 330 W. 42nd St. reported they were rushing to convert it into a planned partial residence.
As it happened, a $140 million loan on the property was put up for sale by Newmark. Commercial Observer previously reportedThe lender was none other than Signature Bank, which was acquired by the FDIC last week.
Could a bank failure have any effect on the $100 million conversion?
Gerald Nocera, managing partner of Resolution, the tower’s asset manager, told CO that it won’t be. [we will] Keep that loan up to date. It’s doing very well in today’s world, so we’re happy with it and plan to extend it.”
However, Signature was the primary holder of the city’s commercial debt. One can only wonder if that failure will affect other properties less volatile and less fortunate than McGraw-Hill.
