Masterworks Development

Masterworks Development portfolio

$87.1 million* – hotel 66%, condo 33%; Manhattan 100%, Bronx 0%

630th largest portfolio by dollar value

345,858 sqft – hotel 69%, condo 30%;

828th largest by SF

3 properties – Manhattan 100%, Bronx 0%

2219th largest

Company Activity past 24 months:

Borrower company: 1 for $60 million

Top Ten Associated Companies:

M&T Bank (1), McSam Hotel Group (1), AllianceBernstein (1), Bank of China (1), Carval Investors (1)

Top Ten Associated People:

Marguerite Brogan (1)

Recent activity as company:

• Masterworks Development borrowed $60 million from AllianceBernstein for 451 Lexington Avenue, Grand Central, Manhattan on May 10, 2024.

• Masterworks Development borrowed $50 million from Carval Investors for 451 Lexington Avenue, Grand Central, Manhattan on June 08, 2021.

• Masterworks Development borrowed $100 million from Bank of China for 140 Washington Street, Financial District, Manhattan on March 17, 2020.

• Masterworks Development borrowed $36 million from M&T Bank for 38 West 45 Street, Grand Central, Manhattan on August 08, 2019.

• McSam Hotel Group sold 38 West 45 Street, Grand Central, Manhattan for $64 million to Masterworks Development on August 08, 2019.

Properties:

To see the 3 properties for this company you need a Professional level subscription

Subscribe ($125/month)

*The Portfolio Value is the city’s Market Value, which is typically 50% or less of actual market value.

Leave a Reply