Eldridge acquires Hudson NY hotel valued at $269M from SBE in deed in lieu of foreclosure

The Greenwich, Connecticut-based investment firm Eldridge through the entity EC 58th Street LLC acquired from San Nazarian’s SBE through its Henry Hudson Holdings, LLC, the Hudson New York hotel at 358 West 58th Street in Midtown West, valued at $268.7 million. The transfer was a deed in lieu of foreclosure, according to the recorded documents.

The deal closed on November 24, 2020, and was recorded on December 4, 2020. The transaction consisted of four parcels, including the tax class hotel condominium (RH). The parcels are condominium units in the 461,930-square-foot building with 878 keys, that was built in 1929. The units that sold cover 440,101 square feet of the building.

The transfer to Eldridge was executed in two transactions covering the four condo lots. The two hotel condo lots, accounting for about 420,000 square feet, occurred in a deed transfer with the value of $268.7 million. The other two parcels, totaling about 20,000 square feet, occurred in a lease transfer with no value assigned. That lease transfer said, “This assignment and assumption of ground lease [is] in lieu of foreclosure.”

PincusCo is the first to report the transfer price.  The last time the property sold was November 30, 2016 for $162,631,240.

Nazarian told The Real Deal last month that he was going to focus on restaurants and ghost kitchens. The transfer from SBE to Eldridge was reported last month but without a price. The signatory for the SBE was Phillipe Zrihen and for Eldridge was Anthony D. Minella, president of Eldridge.  Cain International, Eldridge’s real estate investment firm, will manage a repositioning of the asset, according to reports. At the same time as this transfer, SBE transferred ownership of Miami’s Delano South Beach hotel.

Direct link to Acris document link.