Fortuna Realty Group borrows $66M from M&T Bank for new hotel in Garment District

Fortuna Realty Group through the entity Fortuna Fifth Ave LLC as borrower signed a loan agreement with lender M&T Bank valued at $66.0 million for a new hotel at 25-27 West 38th Street in the Garment District. The deal closed on September 5, 2019 and was recorded on September 20, 2019.
Fortuna recently opened a newly constructed hotel at the property.

The last time the property sold was December 17, 2012, for $11,826,000. An initial temporary certificate of occupancy was issued on July 24, 2019.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.