Manufacturers and Traders Trust Company (M&T Bank) has provided a $36.4 million mortgage on a commercial property in Manhattan’s Meatpacking District after the borrower struck a deal to ground lease the building to Rockpoint Group.
Meilman Family Real Estate, led by Cliff and Richard Meilman, secured the mortgage on a single-story building at 436 West 15th Street, according to New York City property records filed Thursday.
Rockpoint Group, the Boston-based real estate private equity firm, is leasing that building along with a three-story retail building at 421-435 West 14th Street from the family-run firm in a $23.5 million deal, according to a lease agreement.
The 50,000 sq ft building on West 14th Street connects to Meilmans’ “Meatpacking Property” – a retail complex near The High Line park that also includes a neighboring four-story, 33,000 sq ft building at 413-419 West 14th Street.
The 436 West 15th property was formerly home to Passerby, a bar with a lighted glass floor reminiscent of “Saturday Night Fever” that was connected to the gallery of artist Gavin Brown, according to New York Magazine.
M&T assets totaled $122.8 billion as of December 31, 2015, according to the company site. The bank, Rockpoint Group and Meilman Family Real Estate either declined or did not respond to requests for comment.