BD Hotels signs $38M refi with Investors Bank for hotel in Midtown

BD Hotels through the entity Elysee Hotel, LLC as borrower signed a refi loan with lender Investors Bank valued at $38 million for the hotel (H1) at 56 East 54th Street in Midtown, Manhattan.
The deal closed on October 28, 2021 and was recorded on November 9, 2021.
The property has 65,452 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $580 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.

BD Hotels owns a portfolio of boutique hotels in New York City.
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.

Within a 400-foot radius of 56 East 54th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 27, 2021 for the $5 million renovation of 525,890-square-foot E building with no residential units at 390 Park Avenue.
Of those four items, two were sales above $5 million totaling $246 million. The most recent of the two was Waterman Interests and Brookfield Office Properties which bought the 262,945-square-foot, 26-unit office building (O4) on 390 Park Avenue for $240 million from Korein family on May 27, 2020.
One of those four items was a loan which Korein family borrowed $30 million from Apple Bank For Savings secured by the 262,945-square-foot, 26-unit office building (O4) on 390 Park Avenue on December 7, 2020.

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