G Holdings signs $90M refi with Brookfield for hotel in Garment District

G Holdings through the entity Mg Hotel Spe LLC as borrower signed a refi loan with lender Brookfield Properties through the entity B Ul LLC valued at $90 million for the hotel condo at 1033 Avenue of the Americas in Garment District, Manhattan.
The deal closed on December 22, 2025 and was recorded on December 26, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $120 million. The property has 215,234 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $418 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 .

The property

The hotel condo in Garment District has 215,234 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 215,234 square feet. The city-designated market value for the property in 2022 is $78.7 million.

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 not received any significant violations 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 7th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 percent of the neighborhood’s built space. There was one 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 five of the seven commercial properties representing 2,577,661 square feet of the 2,633,484 square feet. The largest owner is Shorenstein Properties, followed by Empire State Realty Trust and then Olmstead Properties.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 2.6 million square feet of built space are office buildings, with mixed-use buildings next occupying 0 percent of the space.

Direct link to Acris document. link