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

Granit Point Mortgage Trust provided the debt for office conversions

TRD 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

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

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

arrow_forward_ios