Empire Hotel Group signs $36M refi with Israel Discount Bank for UWS hotel

Empire Hotel Group through the entity 242 West 76 Realty LLC as borrower signed a refi loan with lender Israel Discount Bank through the entity Israeli Discount Bank Of New York valued at $36 million for the hotel building at 242 West 76th Street in Upper West Side, Manhattan.
The deal closed on February 18, 2022 and was recorded on February 28, 2022. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $32 million.
The property has 81,560 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $441 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 March 24, 2016, for $69.4 million.
The signatory for Empire Hotel Group was Ronald Domb. The signatory for Israel Discount Bank was Gardner Seret and Andrew Zurowski.
(121048053)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 137 residential units on April 27, 2015.
In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 61 percent of the 586,331 square feet of built space are residential elevator buildings, with hotel buildings next occupying 14 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Ronald Domb, head officer and Jay Domb, officer. The business entity was 242 West 76 Realty Llc.
Within a 400-foot radius of 242 West 76th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 3, 2020 for the $844,541 renovation of 6,064-square-foot B building with N/A residential units at 2160 Broadway.
One of those seven items was a sale which CIM Group bought 26 condo units in the 1,039-square-foot, 99-unit mixed-use building (RM) on 235 West 75th Street and 70 other properties for $231.3 million from HFZ Capital Group on February 4, 2021.
Of those seven items, five were loans above $5 million totaling $90.1 million. The most recent of the five was Stellar Management which borrowed $24.2 million from New York Community Bank secured by the 50,600-square-foot, 61-unit rental (D3) on 252 West 76th Street on May 20, 2021.

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