Altitude Capital signs $60M refi for hotel in Penn Plaza

Altitude Capital Management through the entity 135 West 30th Hotel LLC as borrower signed a refi loan with lender New York Life Insurance Company through the entity New York Life Insurance Company valued at $60 million for the 273-room Marriott brand Courtyard New York Manhattan/Chelsea hotel building (H3) at 135 West 30th Street in Penn Plaza, Manhattan.
The deal closed on May 22, 2025 and was recorded on May 30, 2025. The prior lender was Voya Financial which held debt that had an original loan amount of $60 million. The property has 121,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $495 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Altitude Capital Management was Tim Ariowitsch . The signatory for New York Life Insurance Company was Lisa Bai .

Prior sales and revenue

The 121,000-square-foot property generated revenue of $26.5 million or $219 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Penn Plaza has 121,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 98 feet deep with a total lot size of 9,974 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $49.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,212 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 29, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has 1.3 times the average sales volume among other neighborhoods with $357.4 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Penn Plaza has 3.3 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 4 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 877,634 square feet of the 1,513,826 square feet. The largest owner is Vanbarton Group, followed by Altitude Capital Management and then Justin Management.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that Altitude Capital Management owned at least one commercial property in New York City with 121,000 square feet and a city-determined market value of $41.2 million. (Market value is typically about 50% of actual value.) The portfolio has $60 million in debt, borrowed from New York Life Insurance Company. The portfolio consists of at least a single hotel property. It is located in Manhattan.

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