G Holdings signs $63M refi with Brookfield for hotel in Garment District

G Holdings through the entity Granite Park LLC as borrower signed a refi loan with lender Brookfield Properties through the entity B Ul LLC valued at $63 million for the Courtyard by Marriott New York Manhattan/Times Square hotel building (H3) at 114 West 40th Street with an alternate address of 117 West 39th Street in the Garment District, Manhattan.
The deal closed on April 27, 2026 and was recorded on May 8, 2026. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $71 million. The property has 126,398 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $498 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 G Holdings was Ronnie Gross . The signatory for Brookfield Properties was Laura Stepp .

Prior sales, articles and revenue

The 126,398-square-foot property generated revenue of $25 million or $198 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Garment District has 126,398 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 197 feet deep with a total lot size of 7,406 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $46.4 million.

Transaction Participants

Adam L. Stoddard at Katten Muchin Rosenman LLP participated in the transaction on behalf of the lender.

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 $1,525 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 10th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There were 84 pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 2,521,170 square feet of the 2,653,617 square feet. The largest owner is Callahan Capital Properties, followed by Pacolet Milliken and then Isaac Chetrit.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2.7 million square feet of built space are office buildings, with hotel buildings next occupying 5 percent of the space.

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