McGraw-Hill residential conversion unaffected by Signature Bank failure

We reported last week that the owners of the landmarked McGraw-Hill building at 330 W. 42nd St. were putting their planned,🌊 partial residential conver𓆏sion on the fast track.

It so happened that a performing $140 million loan on the property was being marketed for sale by Newmark, as the . The lender was none other than Signature Bank, which was acquired by t🐎he FDIC💛 last week.

Might the bank failure in any way affect the $100🔥 million conversion?

Gerard Nocera, a managing partner at the tower’s ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚasset manager Resolution, t𒁏old the CO that it would not: “We’ve been 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 extend it.”

But Signature was a prime holder of commercial debt in the city. We can only wonder whether its failure will impact other properties les๊🍸s stable and less fortunate than McGraw-Hill.