Concord Hotels signs $49.5M refi for hotel in Financial District

Concord Hotels through the entity Concord Panorama Greenwich LLC as borrower signed a refi loan with lender New York Life Insurance Company through the entity New York Life Insurance Company valued at $49.5 million for the 192-key hotel building (H2) at 100 Greenwich Street in Financial District, Manhattan.
The deal closed on November 12, 2024 and was recorded on November 25, 2024. The prior lender was Varde Partners which held debt that had an original loan amount of $48.3 million.The property has 70,918 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $697 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 September 21, 2021, for $69 million. The signatory for Concord Hotels was Julie Richter and Juan Wu. The signatory for New York Life Insurance Company was Roger Braxton.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Bharat Patel, head officer and Nayan Patel, officer. The business entity is Greenwich Hotel Management Llc.

The property

The hotel building in Financial District has 70,918 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 91 feet deep with a total lot size of 4,537 square feet. The lot is irregular. The zoning is C6-9 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $21.9 million. The most recent loan totaled $48.3 million and was provided by Varde Partners on September 21, 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 received one DOB violation and $17,050 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 26, 2017. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 13.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 170,174 square feet of the 357,339 square feet. The largest owner is Concord Hotels, followed by Torkian Group and then Grubb Properties.
On the tax block, there was one new building construction project filed totaling 340,376 square feet. It is a 388-unit, 340,376 square-foot residential (R-2) building submitted by Grubb Properties and filed by Richard Ohebshalom with plans filed December 11, 2014 and permitted December 7, 2015.

The majority, or 66 percent of the 357,339 square feet of built space are hotel buildings, with elevator buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Concord Hotels owned at least one commercial property in New York City with 70,918 square feet and a city-determined market value of $21.9 million. (Market value is typically about 50% of actual value.) The portfolio has $48.3 million in debt, borrowed from Varde Partners. The portfolio consists of at least a single hotel property. It is located in Manhattan.

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