Jinsup An signs $9.7M refi with Metropolitan Commercial Bank for hotel in Hudson Yards

Jinsup An through the entity 449 Hudson Mtg Corp. as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $9.7 million for the hotel building at 449 West 36th Street in Hudson Yards, Manhattan.
The deal closed on February 8, 2022 and was recorded on February 16, 2022. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $10.5 million.
The property has 12,340 square feet of built space and 2,518 square feet of additional air rights for a total buildable of 14,863 square feet according to PincusCo analysis of city data. The loan price per built square foot is $789 and the price per buildable square foot is $655 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 owner bought the property on June 25, 2015, for $15 million.
The signatory for Jinsup An was Jinsup An. The signatory for Metropolitan Commercial Bank was Vivek Baid and Ross Rahmen.
(103458385) Plans for a hotel (J-1) were filed on May 13, 2003 and were permitted on April 4, 2005.
In Hudson Yards, the majority, or 74 percent of the 46.4 million square feet of built space are office buildings, with specialty buildings next occupying 12 percent of the space. In sales, Hudson Yards has 3.9 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 11th highest in Manhattan. For development, Hudson Yards is the 4th most active neighborhood among other neighborhoods. It had 6 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
On the tax block, the majority, or 61 percent of the 350,496 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space.
Within a 400-foot radius of 449 West 36th Street, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit issued on May 18, 2020 for a 414,314-square-foot R-2 building with 526 residential units at 451 10th Avenue.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 19, 2020 for the $1.2 million renovation of 14,842-square-foot R-2 building with nine residential units at 440 West 36th Street.
One of those 10 items was a sale which Ex Zdj 36 LLC bought the 15,000-square-foot, one-unit industrial (E1) on 439 West 36th Street for $15 million from Craig Policastro on January 4, 2022.
Of those 10 items, seven were loans above $5 million totaling $546.4 million. The most recent of the seven was DDK & Company which borrowed $6.5 million from Dime Community Bank secured by one condo unit in the 18,861-square-foot, 73-unit mixed-use building (RM) on 438 West 37th Street on November 16, 2021.

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