Lightstone signs $90M construction loan with MSD Partners for LES hotel project
The Lightstone Group through the entity Bowery Street Associates LLC as borrower signed a new construction loan with lender MSD Partners through the entity MSD Rcof Partners XIX, LLC valued at $90 million for the development site (V1) at 145-147 Bowery in Lower East Side, Manhattan. Lightstone is developing an 18-story hotel at 145 Bowery.
The deal closed on June 3, 2021 and was recorded on June 17, 2021.
The hotel project is expected to be 127,081 square feet, yielding a price per foot of $428 per the PincusCo analysis.
The owner bought the property on 12-Dec-18, for $27.9 million.
The signatory for Lightstone Group was Joseph E. Teichman.
There has been one new building permit application Those plans include a total of 303 hotel units.
There has been one demolition project filed for the parcels over the past five years. The demolition included 6 residential units.
Within a 400-foot radius of 145-147 Bowery, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on April 1, 2021 for a 100,181-square-foot 22 building with nine residential units at 327 Broome Street.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit applications filed on February 11, 2020 for the $500,000.0 renovation of 44,655-square-foot R-1 building with 96 residential units at 138 Bowery.
Of those six items, two were sales above $5 million totaling $55.0 million. The most recent of the two was Real Estate Equities Corp. which bought the 6,875-square-foot, four-unit mixed-use building (K4) on 164 Bowery and six other properties for $50.0 million from Kinsmen Property Group on September 1, 2020.
One of those six items was a loan which Abraham Daniels borrowed $23.2 million from Bank Leumi Usa secured by the 9,311-square-foot, 10-unit rental (C4) on 117 Elizabeth Street and two other properties on March 18, 2020.
Direct link to Acris document. link
Correction: A prior version of this post identified the lender as MSD Capital, however the correct name is MSD Partners. The post also did not include the refinanced land loan so had an incorrect total loan, which was also corrected.