Interest in two Manhattan hotels valued at $67.9M is sold

The entity Dong Yin Development (Holdings) Limited acquired an interest from Pure Virtue Enterprises Limited valued at $67.9 million for the hotel building at 63 West 35th Street in Garment District, Manhattan and hotel building at 152 West 26th Street in Chelsea, Manhattan.
The deal closed on December 20, 2021 and was recorded on January 20, 2022.
The two properties have 245,095 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $276 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.)

Dong Yin Development (Holdings) Limited may be a subsidiary of China Orient Asset Management, a state-owned asset management company and bank.
In Garment District, the majority, or 69 percent of the 53 million square feet of built space are office buildings, with hotel buildings next occupying 12 percent of the space. In sales, Garment District has 4.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Garment District has had very little major development activity relative to other neighborhoods. It had 561,900 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.
On the tax block, the majority, or 40 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 40 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Zheng Song, head officer and Heather Davis, site manager. The business entity is Garden 35th Street Llc.
Within a 400-foot radius of 63 West 35th Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $500,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.8 million. The most recent of these two items was the temporary certificate of occupancy on March 3, 2021 for a 386,382-square-foot R-2 building with 380 residential units at 990 6th Avenue.
Of those 10 items, two were sales above $5 million totaling $120.6 million. The most recent of the two was Magna Hospitality Group which bought two condo units in the 314-unit hotel (RH) on 60 West 37th Street and one other property for $115.1 million from Ashford Hospitality Trust on September 8, 2020.
Of those 10 items, six were loans above $5 million totaling $694.2 million. The most recent of the six was Vanbarton Group which borrowed $242.2 million from Blackstone Group secured by the 386,382-square-foot, 339-unit rental (D6) on 980 Avenue Of The Amer on January 7, 2022.

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