Impulsive Group signs $34.2M refi for two hotels in Midtown West

Impulsive Group through the entity 47th Hotel Associates, LLC as borrower signed a refi loan with lender Bank of America through the entity Bank Of America, N.A., valued at $34.2 million for two hotel properties including the hotel building (H3) at 132 West 47th Street in Midtown West, Manhattan and hotel building (H3) at 128 West 47th Street in Midtown West, Manhattan.
The deal closed on May 17, 2024 and was recorded on June 17, 2024. The prior lender was Bank of America which held debt that had an original loan amount of $33 million.
The two properties have 48,745 square feet of built space and 24,701 square feet of additional air rights for a total buildable of 73,450 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $702 and the price per buildable square foot is $466 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 Impulsive Group was Hank S. Freid. The signatory for Bank of America was Erica Christopher.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Glenn Westerlind, head officer and Zdzislaw Farion, site manager. The business entity is 47th Hotel Assocs, Llc.

The property

The hotel buildings in Midtown West have 48,745 square feet of built space and 24,701 square feet of additional air rights for a total buildable of 73,450 square feet according to a PincusCo analysis of city data. One of the parcels has frontage of 37 feet and is 100 feet deep with a total lot size of 3,765 square feet. The zoning is C6-5.5 which allows for up to 12 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $8.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $3,840 in ECB penalties, and $11,815 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 Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 27.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 37 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 the tax block of 132 West 47th Street, PincusCo has identified the owners of eight of the 15 commercial properties representing 2,104,439 square feet of the 2,167,128 square feet. The largest owner is Wharton Properties, followed by Sl Green Realty and then Paramdeep Singh.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 2.2 million square feet of built space are office buildings, with hotel buildings next occupying 4 percent of the space.

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