GEHR Group borrows $54M from Guardian Life for hotel in Hudson Yards

GEHR Group through the entity Times Square Hospitality I, LLC as borrower signed a loan agreement with lender The Guardian Life Insurance Company Of America valued at $54.5 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 326 West 40th Street in Hudson Yards. The deal closed on January 29, 2021 and was recorded on March 24, 2021.
The property contains a total of 98,738 square feet of built space.
The average loan per buildable square foot is $552.
The last time the property sold was June 1, 2011 for $112,000,000.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,040,800.

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