By Sabina Mollot
The planned transformation of the former Tammany Hall in Union Square into a retail/office building has just gotten a little closer to becoming reality with $57.5 million in financing.
RM Capital Management, a real estate and merchant banking firm, announced on Friday it had arranged to provide that amount in first mortgage and mezzanine construction financing on behalf of the building’s owner Reading International, Inc.
The landmarked building is being gut renovated to include a total of six stories that will have a glass-domed roof, and the space will be leased for retail and office purposes. Its new address will be 44 Union Square; originally it was 100 East 17th Street.