Firmdale Hotels signs $225M refi with Wells Fargo for three hotels in Manhattan

Firmdale Hotels through the entity 56th Street Hotel LLC (and others) as borrower signed a refi loan with lender Wells Fargo valued at $225 million for three hotels including the Whitby Hotel building (H2) at 18-22 West 56th Street in Midtown West, Manhattan, the Crosby Street Hotel building (HB) at 79-85 Crosby Street in SoHo, Manhattan, and the Warren Street Hotel building (H2) at 86 Warren Street in the Financial District, Manhattan.
The deal closed on September 22, 2025 and was recorded on September 25, 2025. The prior lender was Wells Fargo which held debt that had an original loan amount of $200 million.The four properties have 239,153 square feet of built space and 6,495 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $940 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 signatory for Firmdale Hotels was Malcolm Soden . The signatory for Wells Fargo was Emily Heng .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Yani Rosario, head officer and Thomas Woynar, officer. The business entity is Crosby Street Hotel Llc. Out of the four properties, two with a total of 239,153 square feet of built space generated revenue of $57.8 million per year.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 3 times the average sales volume among other neighborhoods with $884.7 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 431,854 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 79-85 Crosby Street, PincusCo has identified the owners of eight of the 15 commercial properties representing 238,293 square feet of the 268,509 square feet. The largest owner is Solil Management, followed by Greystone Management and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 268,509 square feet of built space are office buildings, with hotel buildings next occupying 29 percent of the space.

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