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
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
OneTitle's Seth Brown (iStock)

OneTitle set out to change the title industry. Now it’s out of business

OneTitle set out to change the title industry. Now it’s out of business
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Pension fund investors are seeking to take cash out of real estate funds as property values fall, like at Water Tower Place in Chicago (Photo via iStock; Wikipedia Commons)

Core real estate funds delay investors from cashing out

Core real estate funds delay investors from cashing out
arrow_forward_ios

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

Loading...