Tishman Realty scores $57M loan to refi Times Square hotel

Company is planning $65M renovation in the area

Rendering of West 42nd Street (inset: Dan Tishman)
Rendering of West 42nd Street (inset: Dan Tishman)

Tishman Realty, a development company headed by Dan Tishman, just landed a $57 million loan to refinance the Westin New York at Times Square.

Column Financial provided the financing, which replaces a $55 million loan from Metropolitan Life and adds another $2 million, according to documents filed with the city’s Department of Finance. Records indicate that Tishman purchased the property at 270 West 43rd Street from the city in 2013 for $4.4 million.

The hotel is part of a stretch of retail owned by Tishman along 42nd Street.
The company’s planning a $65 million overhaul of the 240,000-square-foot collection of shops that’s expected to be completed by 2019. Crain’s reported in January that Tishman plans to ask $800 per square foot for space on the ground floor once the renovation is complete.

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Representatives for Tishman were not immediately available for comment.

Tishman oversees more than $4 billion in assets, much of which includes hotels, retail and office properties. The company was affiliated with Tishman Construction until Dan Tishman sold the construction arm to AECOM in 2010.