Firmdale Hotels borrows $150M from Wells Fargo for hotel property in Soho and Midtown

Firmdale Hotels as borrower signed several loan agreements with lender Wells Fargo Bank valued at $150 million for 5 parcels, including the tax class boutique hotel 10-100 rooms (HB) at 79 Crosby Street, 246 Lafayette Street in Soho and 18-22 West 56th Street in Midtown. The deals closed on November 27, 2019 and was recorded on December 17, 2019.

The total debt was increased by $25 million through a supplemental leasehold mortgage. $67 million of the debt package is secured by five tax lots including the Crosby Hotel and 18-22 West 56th Street. $43 million of the debt is only secured by the Crosby Hotel property. $40 million is only secured by 18-22 West 56th Street.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $294,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link