Fortuna Realty Group signs $52M refi with BridgeInvest for hotel in Hudson Square

Fortuna Realty Group through the entity Fortuna Hotel Hugo LLC as borrower signed a refi loan with lender BridgeInvest through the entity BI Blue Servicing LLC valued at $52 million for the hotel building (HB) at 525 Greenwich Street in Hudson Square, Manhattan.
The deal closed on June 9, 2025 and was recorded on June 17, 2025. The prior lender was Prime Finance which held debt that had an original loan amount of $45 million.The property has 59,720 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $870 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 June 6, 2011, for $12.8 million. The signatory for Fortuna Realty Group was Morris Moinian . The signatory for BridgeInvest was Alex Horn .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Morris Moinian, individual owner and Pablo Migoya, site manager. The 59,720-square-foot property generated revenue of $15 million or $251 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Hudson Square has 59,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $25.8 million. The most recent loan totaled 0.0 and was provided by Prime Finance Partners on February 11, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations, $1,280 in ECB penalties, and $8,005 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $90.9 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -4,743,770 square feet of commercial and multi-family construction under development in the last two years, which represents -40.01 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 433,221 square feet of the 1,104,486 square feet. The largest owner is Divcowest, followed by Fortuna Realty Group and then Lalezarian Properties.
On the tax block, there were two new building construction projects totaling 286,905 square feet. The largest is a 170-unit, 227,501 square-foot residential (R-2) building submitted by Cape Advisors and filed by David Kronman with plans filed November 10, 2016 and permitted January 22, 2018. The second largest is a 67-unit, 59,404 square-foot residential (R-2) building submitted by Lalezarian Properties and filed by Kevin Lalezarian with plans filed October 28, 2015 and permitted July 11, 2019.

The majority, or 66 percent of the 1.1 million square feet of built space are office buildings, with elevator buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Fortuna Realty Group owned at least three commercial properties in New York City with 242,836 square feet and a city-determined market value of $66.8 million. (Market value is typically about 50% of actual value.) The portfolio has $404.2 million in debt, with top three lenders as Goldman Sachs, Deutsche Bank, and Citibank respectively. Within the portfolio, the bulk, or 80 percent of the 242,836 square feet of built space are hotel properties, with development properties next occupying 20 percent of the space. They are all located in Manhattan.

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