BD Hotels signs $179.1M refi with Wells Fargo for The Pod hotel in Hell’s Kitchen
BD Hotels through the entity 400 Times Square Associates, LLC as borrower signed a refi loan with lender Wells Fargo valued at $179.1 million for The Pod Hotel at 400 West 42nd Street in Hell’s Kitchen, Manhattan.
The deal closed on April 16, 2026 and was recorded on April 21, 2026. The prior lender was Wells Fargo which provided a loan in 2019 that had an original principal of $200 million.
The three condominium units that make up the Pod Hotel and an adjacent parcel have 201,631 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $888 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 BD Hotels was Richard Born . The signatory for Wells Fargo was Timothy Loiseau .
The property
The hotel condo in Hell’s Kitchen has 201,631 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 147,665 square feet. The city-designated market value for the property in 2022 is $79.9 million.
Transaction Participants
Keith M. Print at Morrison & Foerster LLP participated in the transaction on behalf of Wells Fargo.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. 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 Hell’s Kitchen, The bulk, or 39 percent of the 40.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Hell’s Kitchen has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On the tax block of 400 West 42nd Street, PincusCo has identified the owners of one of the six commercial properties representing zero square feet of the 85,964 square feet. The identified owner is Port Authority Of New York And New Jersey.
There are no active new building construction projects on this tax block.
The majority, or 89 percent of the 85,964 square feet of built space are specialty buildings, with walkup buildings next occupying 11 percent of the space.
The borrower
The PincusCo database currently indicates that BD Hotels owned at least 15 commercial properties in New York City with 1,059,991 square feet and a city-determined market value of $721.9 million. Within the portfolio, the bulk, or 98 percent of the 1,059,991 square feet of built space are hotel properties, with walkup properties next occupying 1 percent of the space.
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