The Real Deal New York

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

Granit Point Mortgage Trust provided the debt for office conversions
By Mary Diduch | January 03, 2019 02:00PM

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.