Magna Hospitality borrows $23.5M from Wells Fargo for hotel in Penn Plaza

Magna Hospitality Group through the entity Ny 33Rd Leasehold LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $23.5 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at 325 West 33rd Street in Penn Plaza. The deal closed on December 8, 2020 and was recorded on January 4, 2021.
The property contains a total of 120,639 square feet of built space.
The average loan per buildable square foot is $195.
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 residential (or hotel) units on April 5, 2013.

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