Torkian ups debt on new rental development in Midtown

City recently sued Torkian over allegedly marketing short-term rentals

Jan.January 22, 2019 05:00 PM

Hersel Torkian of Torkian Group and Solari at 42 West 33rd Street (Credit: CityRealty)

The Torkian Group just snagged a refinancing of the Solari, its newly constructed luxury Midtown rental tower.

AIG provided the firm with $135 million to refinance the 41-story, 223-unit tower at 42 West 33rd Street, according to records filed with the city on Tuesday.

The financing package includes a $30 million gap mortgage and consolidates a $105 million construction loan Bank Leumi provided in 2015. The debt is now spread among three of AIG’s subsidiaries.

Torkian bought the property, which sits between Fifth Avenue and Broadway, for $30 million in 2007, according to public records. Monthly rents at the building currently range from $3,918 for a studio to $14,995 for a three-bedroom, StreetEasy shows. Forty-five of the units are designated as affordable.

The developer did not immediately return a request for comment. AIG declined to comment.

The city, in its effort to stop illegal short-term rentals, earlier this month filed a complaint against Torkian for allegedly marketing and leasing such units despite previous official warnings. The city said it found over 1,000 listings at Torkian’s buildings at 110 Greenwich Street, 311 West 50th Street and 488 Seventh Avenue.

AIG recently was part of a group of lenders that provided $200.8 million to Simon Baron Development to buy its partner’s stake in a Long Island City apartment complex.

Related Articles

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

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

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

Rupert Murdoch and David Doctorow (Credit: Getty Images, iStock)

News Corp. looks to Opcity lead-generation to boost real estate services biz

Clockwise from the bottom left: The Eugene (435 West 31st Street), the Hudson Yards observation deck condominium and 555 Tenth Avenue (Credit: Google Maps)

West Side story: Manhattan’s largest January real estate loans

Selina Hotel at 516- 518 West 27th Street and Adam Neumann (Credit: Google Maps, Getty Images)

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate

Brookfield Property Partners CEO Brian Kingston (Credit: Brookfield, iStock)

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield

Renderings of 2300 Cropsey Avenue in Brooklyn (Credit: W&L Group)

An eyesore for ages, Gravesend project site gets $71M refi