Brookfield signs $100M refi with BNP Paribas for Pendry hotel in Hudson Yards

Brookfield Properties through the entity BOP Nw Hotel Trs LLC as borrower signed a refi loan with lender BNP Paribas valued at $100 million for three commercial condominium units in at 438 West 33rd Street in Hudson Yards, Manhattan, including the Pendry Manhattan West hotel unit, a restaurant unit and a parking uni.
The deal closed on April 10, 2026 and was recorded on April 20, 2026. The prior lender was Credit Agricole which held debt that had an original loan amount of $91 million. The three properties have 183,682 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $544 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 Brookfield Properties was Lisa Strauss . The signatory for BNP Paribas was Todd Roth and Eugene Kim .

The property

The the three condo units have 183,682 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 159,961 square feet. The city-designated market value for the property in 2022 is $74.2 million.

Transaction Participants

Jonathan Baumstark at Riemer & Braunstein LLP participated in the transaction on behalf of the lender.

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

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 Hudson Yards, The majority, or 59 percent of the 16.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 22 percent of the space. In sales, Hudson Yards has 2.3 times the average sales volume among other neighborhoods with $800.5 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Hudson Yards has 2.1 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 3.3 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 the tax block of 438 West 33rd Street, PincusCo has identified the owners of four of the nine commercial properties representing 202,527 square feet of the 380,987 square feet. The identified owner is Brookfield Properties.
On the tax block, there were three new building construction projects totaling 12,792,909 square feet. The largest is a 164-unit, 4,265,542 square-foot hotel/dormitory/shelter (R-1) building submitted by Brookfield Properties and filed by Henry Caso with plans filed March 28, 2017 and permitted February 7, 2018. The second largest is a 4,264,087 square-foot business (B) building submitted by Brookfield Properties and filed by Henry Caso with plans filed September 15, 2014 and permitted May 29, 2015.

The majority, or 53 percent of the 380,987 square feet of built space are hotel buildings, with office buildings next occupying 47 percent of the space.

The borrower

The PincusCo database currently indicates that Brookfield Properties owned at least 84 commercial properties with 5,992 residential units in New York City with 35,573,176 square feet and a PincusCo-determined asset value of $23.4 billion. The portfolio has $16.1 billion in debt, with top three lenders as Wells Fargo, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 42 percent of the 35,573,176 square feet of built space are office properties, with condo properties next occupying 23 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Brooklyn next at 16 percent of the space.

Direct link to Acris document. link