Joong Bag Kwon borrows $21M from KEB Hana Bank for hotel in Koreatown

Joong Bag Kwon through the entity Stanford New York LLC as borrower signed a loan agreement with lender KEB Hana Bank valued at $20.5 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 43 West 32nd Street in the Koreatown section of the Garment District. The deal closed on April 14, 2020 and was recorded on May 14, 2020.
The property contains a total of 62,992 square feet of built space.
The average loan per buildable square foot is $325.
The debt was reduced from $33.5 million provided by Bank Hapaolim in 2019.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,013,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link