BD Hotels signs $34.5M refi for Hotel Elysee in Midtown East

56 East 54th Street (Credit - Google)

56 East 54th Street (Credit - Google)

BD Hotels through the entity Elysee Hotel, LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $34.5 million for the Hotel Elysee building (H1) at 56 East 54th Street in Midtown East, Manhattan.
The deal closed on August 11, 2023 and was recorded on August 21, 2023. The prior lender was Citizens Bank which held debt that had an original loan amount of $38 million.
The property has 65,452 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $527 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 owner bought the property on February 1, 2016, for $55 million. The signatory for BD Hotels was Richard Born. The signatory for Metropolitan Commercial Bank was Dennis Graham.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Ira Drukier, head officer and Richard Born, shareholder. The business entity is Elysee Hotel LLC.

The property

The hotel building in Midtown East has 65,452 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,025 square feet. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $17.8 million. The most recent loan totaled $38 million and was provided by Investors Bank on October 28, 2021.

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 not received any significant violations in the last year.


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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.5 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 16.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 27 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 1,501,969 square feet of the 2,207,161 square feet. The largest owner is Tishman Speyer, followed by Rialto Capital Management and then Korein Family.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 2.2 million square feet of built space are office buildings, with retail buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that BD Hotels owned at least 16 commercial properties with 111 residential units in New York City with 1,125,443 square feet and a city-determined market value of $402.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 1,125,443 square feet of built space are hotel properties, with walkup properties next occupying 1 percent of the space. They are all located in Manhattan.

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