PCCP Provides $47.1 Million Loan for Retail Redevelopment in Manhattan

210 W. 31st St. is located across from Madison Square Garden in Manhattan’s Penn Plaza submarket. 210 W. 31st St. is located across from Madison Square Garden in Manhattan’s Penn Plaza submarket.

New York City — PCCP LLC has provided a $47.1 million senior loan to a joint venture between Onyx Equities and KBS Capital Advisors for the redevelopment of 210 W. 31st St. in Manhattan’s Penn Plaza submarket.

The property is located across from Madison Square Garden, and will be redeveloped into a 30,000-square-foot, all-glass retail building featuring a lower level and a rooftop deck. Construction is expected to begin in mid-2017 with completion scheduled for summer 2018. The joint venture is finalizing conceptual plans and drawings for the three-story, multi-tenant property.

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