Knowles family borrows $30M from City Urban Realty for hotel property in Grand Central

The Knowles family through the entity Roger Smith New York LLC as borrower signed a loan agreement with lender City Urban Realty through the entity Lexington Hotel Associates LLC valued at $30.0 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 501 Lexington Avenue in Grand Central. The deal closed on December 20, 2019 and was recorded on December 30, 2019.
The property contains a total of 92,501 square feet of built space.
The average loan per buildable square foot is $324.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $450,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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