Nine Units Cleared the Blanket Loan at 720 West End Avenue

The same blanket loan agreement at 720 West End Avenue, $196,272,970.48, was recorded twice this year against two different schedules of condominium lots. We pulled the ACRIS legals for both documents and counted the rows. The May 28 recording, document 2026060800405002, lists 60 condo lots. The August 28 recording, document 2026082700901001, lists 51. Nine units cleared the collateral in roughly three months.

That is not a disclosure. It is arithmetic on a lender’s paperwork, and it runs ahead of any sales report.

Why it matters

When a unit at a condo conversion closes, it is released from the blanket mortgage and the agreement gets re-recorded against whatever is left. The shrinking lot count is the sellout pace, free and public, before an offering plan amendment exists. It also cuts the other way here. The same instrument shows the $196,272,970.48 is a re-recorded consolidation, not fresh lending, so anyone reading the August filing as a new Upper West Side condo loan has read it backward. Both halves are invisible unless you open the instrument.

The numbers

The underlying debt is document 2024123100465007, an assignment of leases and rents of $200,000,000 dated December 18, 2024, structured as a CEMA. Prior principal of $177,072,970.48 plus new money of $15,472,970 and $3,727,029 sums to exactly $196,272,970.48. That figure is the spreader, re-recorded at each closing, not a new advance.

The lots in the two schedules run from 1801 to 1931, carved out of base tax lot 1-1243-1. Commercial Observer reported the 1927 Emery Roth building, originally the Hotel Marcy, now holds 131 condominium units after a Thomas Juul-Hansen redesign and an added top floor, and it names Glacier Equities as co-developer alongside InterVest, though Glacier appears in no ACRIS party record. Sponsor 720 WEA Ventures LLC is InterVest Capital Partners: the 2021 acquisition deed, document 2022010300556001, names the identical LLC care of Wafra Capital Partners, which rebranded to InterVest in September 2022.

The chain on the base lot: the Salvation Army sold to Brack Capital for $108,750,000 in October 2015, and Brack sold to 720 WEA Ventures for $168,000,000 in December 2021.

What’s next

One closing landed in the same August 28 batch, a $2,995,000 deed for unit lot 1821 with a $2,396,000 purchase mortgage. Lot 1821 still appears on the August collateral schedule we counted, so the release lags the deed and the next re-recording should be lower again. A co-party on the 2026 agreement, MC TRT MS LENDER LP at 1 Columbus Circle, was not a party to the 2024 loan, and its role is not established in the record.

See our coverage of the $421.5M consolidation at 30 Hudson Yards and the New York market.