Concord Hotels sell Midtown hotel for $88.5M

By Varvara Budetti

An entity connected to Magna Hospitality Group paid $88.5 million for Concord Hospitality’s Midtown 196-room hotel at 30 West 46th Street. That makes it Magna’s second New York City hotel purchase within a week and at least its fourth during the coronavirus pandemic.

Chief Financial Officer Julie L. Richter was the signatory for Concord Hospitality through the entity CS Hotel 30W46TH, LLC. Gregory Weingart, an attorney with the firm Eckert Seamans signed for the buyer entity NY 46 LLC. Records show NY 46 LLC is registered to the same address as Magna Hospitality Group’s headquarters in Rhode Island.

The hotel is closed, according to an employee of another Cambria hotel in Manhattan.

This purchase of the Cambria Hotel New York Times Square is one of the group’s biggest recently. It was financed with a $61 million loan from KSL Capital Partners through entity Hayes Mortgage LLC. The deal closed on September 24, 2021 and was recorded on October 6, 2021.

Magna Hospitality Group could not immediately be reached for comment.

The property has 126,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $702 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 seller bought the property on December 24, 2012, for $30 million. The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 196 residential units on October 28, 2015.

Plans for a 196-unit, 72,191 square-foot R-1 were filed on June 26, 2009 and were permitted on October 28, 2013. Within a 400-foot radius of 30 West 46th Street, PincusCo identified 14 commercial real estate items of interests occurred over the past 24 months. Of those 14 items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 29, 2019 for the $726,300 renovation of 12,105-square-foot M building with 0 residential units at 37 West 46th Street.

Of those 14 items, five were loans above $5 million totaling $475.9 million. The most recent of the five was Premier Realty which borrowed $29.9 million from Safra National Bank secured by the 97,785-square-foot, 92-unit office building (O6) on 36 West 47th Street on August 12, 2021.

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