Magna Hospitality acquires from Shidler Group hotel valued at $57.4M in Penn Plaza

Magna Hospitality through the entity Ny 33Rd Leasehold LLC paid Shidler Group’s 325 West 33Rd LLC $57.4 million for 325 West 33rd Street in Penn Plaza. The deal closed on December 8, 2020, and was recorded on January 4, 2021. The transaction consists of 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1). The property is 120,639 square feet. The parcel(s) have total development potential of 120,639 square feet.
The average sale price per square foot is $476.

Magna acquired the hotel through the purchase of the distressed loan from Wells Fargo, according to The Real Deal.  The hotel is the Fairfield Inn & Suites by Marriott New York Midtown Manhattan/Penn Station. The last time the property sold was September 26, 2014 for $69,628,100.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 239 hotel units on April 5, 2013.

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