Chetrit Group reduces Arbor Realty Trust recorded debt to $71M at Penn Plaza hotel site

The Chetrit Group through the entity JCMC West 34 Owner LLC as borrower signed a loan agreement with lender Arbor Realty Trust through the entity Arbor Realty Sr, Inc., valued at $71 million for 1 parcel at 255 West 34th Street in Penn Plaza. The deal closed on January 28, 2020 and was recorded on February 10, 2020.
Chetrit is building a 300-unit hotel at the site, which is under construction.

The first mortgage debt was reduced by more than 30 percent, from $110 million. The building, with plans originally filed in 2016, has not yet applied for its initial TCO. The last time the property sold was December 17, 2015, for $20,000,000. The original construction loan totaled $170 million and included a first mortgage from Bank OZK and mezzanine debt from Arbor Commercial Mortgage.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 122,426 square feet. Those plans include a total of 300 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link