First Republic Lends $95M on Time Equities’ 50 West Street Condos
By Mack Burke November 9, 2017 2:36 pm
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Time Equities has secured a $95 million refinance from First Republic Bank backed by 46 condominium units within its recently completed mixed-use condominium skyscraper, 50 West Street, according to records filed today with the city’s Department of Finance.
The new financing consolidates and replaces roughly $70.4 million in previous debt— including an acquisition loan, a building loan and two project loans from PNC Bank—with a new $24.6 million gap mortgage.
The 784-foot-tall, 64-story, roughly 450,000-square-foot condominium tower—situated between Rector and Joseph P. Ward Streets in the Financial District—is comprised of 191-units with floor-to-ceiling views of the World Trade Center, New York Harbor and the Hudson and East rivers. The building includes approximately 21,000 square feet of commercial retail space, according to PropertyShark, and the third floor houses 15 office condominiums and a conference room.
Francis Greenburger’s Time Equities has owned the site since 1983 and began construction on the tower in 2007. Development hit a wall during the recession, only to pick back up in 2013 where it left off. The firm began condominium sales two years ago, but Greenburger told CO in August that sales have slowed compared to when he first put the units on the market. Greenburger added that Time Equities had already paid off $290 million in debt on the property through previous sales.
Units currently available for purchase within the tower range from $2.4 million for three-bedroom, one-bathroom condos to a $24.5 million six-room, three-bedroom, three-and-a-half bathroom penthouse, according to StreetEasy. Monthly rents for currently available rentals range from $2,500 for studios to $36,000 for a four-bedroom, four-bathroom penthouse.
First Republic Bank (FRCB) did not return a request for comment.
