Loans, loans, loans: Estate of porn prince refinances Times Square properties

Granit Point Mortgage Trust provided the debt for office conversions

New York /
Jan.January 03, 2019 02:00 PM

Show World Center on 303 West 42nd Street (Credit: Jeremiah’s Vanishing New York)

The Deuce will soon see the last remnants of its gritty peep show past transform into sterile workspace.

Entities tied to the estate of porn magnate Richard Basciano secured roughly $74 million to refinance two Eighth Avenue properties months after plans were filed to turn them into office buildings.

Granite Point Mortgage Trust Inc. was the lender on the deals for 303 West 42nd Street and 300 West 43rd Street, according to a filing with the city’s Department of Finance.

Granite Point and Basciano’s estate also did not return requests for comment.

The financing includes a $26.2 million project loan and a $35 million building loan.

Basciano’s estate filed plans in May 2018 to turn the Times Square properties into offices.

The property at 303 West 42nd Street has long been known as the home of the infamous sex shop Show World Center, one of the last remaining XXX stores that had survived the redevelopment of Times Square and the crackdown on porn shops in the 1990s.

Basciano died in 2017, but told Crain’s before his death that Show World Center sits on prime real estate.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Lower demand for refinancings has caused purchase loans to take a larger share of the market. (iStock)
Mortgage demand plummets to lowest level in a year
Mortgage demand plummets to lowest level in a year
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
C-PACE gives landlords and developers cheap financing in exchange for making energy efficient improvements. (Getty)
Landlords can now retroactively tap financing tool for energy improvements
Landlords can now retroactively tap financing tool for energy improvements
11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
Rockrose investment values Nomad office building at $235M
Rockrose investment values Nomad office building at $235M
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...