David and Michael Mandelbaum secured a $52.5 million construction loan from Bank OZK for the renovation of an office building at 245 West 55th Street in Midtown West, Manhattan. The project involves converting the building into 42 residential units. The loan replaces a prior $6 million loan from Mandelbank.
The building, purchased on June 6, 2023, for $28.5 million, has 63,450 square feet of built space. The loan price per square foot is $827.
