Library Hotel Collection signs $30M refi for hotel in NoMad

Library Hotel Collection through the entity East 26th Street & Park Avenue Realty LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $30 million for the Hotel Giraffe building (HB) at 365 Park Avenue South in NoMad, Manhattan.
The deal closed on January 21, 2025 and was recorded on January 22, 2025. The prior lender was Comm 2015-CCRE22 which held debt that had an original loan amount of $39 million.

The property has 51,420 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $583 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 Library Hotel Collection was Imrich Henry Kallan. The signatory for Metropolitan Commercial Bank was Vivek Baid and Ross Dahmen. Cantor Commercial originated the $39 million loan in December 2014.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Imrich Henry Kallan, head officer and Asim Burondker, site manager. The business entity is East 26th Street & Park Ave Realty LLC.

The property

The hotel building in NoMad has 51,420 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 79 feet deep with a total lot size of 3,900 square feet. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $16.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations 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 NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has near average sales volume among other neighborhoods with $280.6 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, NoMad has 2 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 28 commercial properties representing 552,333 square feet of the 735,470 square feet. The largest owner is Atco Properties & Management, followed by Milsmith and then Continental Ventures.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 735,470 square feet of built space are office buildings, with walkup buildings next occupying 20 percent of the space.

Direct link to Acris document. link