McGraw-Hill residential conversion unaffected by Signature Bank failure

We reported last week that the owner of the Landmark McGraw-Hill Building at 330 W. 42nd St. were keeping their planned, partial residential conversion on the fast track.

It so happened that a $140 million demonstrative loan on the property was being marketed for sale by Newmark. Commercial Supervisor Reported Earlier, the lender was none other Signature Bank, which was acquired by the FDIC last week,

Could a bank failure affect the $100 million conversion in any way?

Gerard Nocera, a managing partner at the tower’s asset manager Resolution, told CO that won’t happen: “We’re current on that loan, [we will] Stay current on that loan. It’s at a very good rate in today’s world, so we’re happy with that and we plan to scale it up.”

But Signature was the major holder of commercial debt in the city. We can only wonder whether its failure will affect other assets less stable and less fortunate than McGraw-Hill.

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