Magna Hospitality Group signs $150M refi with Aareal for hotel in Chelsea

Magna Hospitality Group through the entity NY 24th Street Operating VI LLC as borrower signed a refi loan with lender Aareal Capital valued at $150 million for the hotel building (H2) at 140-146 West 24th Street in Chelsea, Manhattan.
The deal closed on December 8, 2025 and was recorded on December 12, 2025. The prior lender was Apollo Global Management which held debt that had an original loan amount of $101.5 million. The property has 172,767 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $868 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 owner bought the property on December 28, 2018, for $112.6 million. The signatory for Magna Hospitality Group was Douglas C. Stevens . The signatory for Aareal Capital was Alberto Miras-Azcon and Jeffrey Pascale.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Gary Maida, head officer. The business entity is Ny 24th Street Operating Vi Llc. The 172,767-square-foot property generated revenue of $47.8 million or $277 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Chelsea has 172,767 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,406 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $94.7 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 received $5,000 in ECB penalties and $7,440 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 121204106, for a 510-unit, 140,548 square-foot R-1 building. The project was submitted by McSam Hotel Group and filed by Sam Chang with plans filed September 6, 2017 and permitted June 22, 2018.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 7th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Chelsea has 2.1 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 12 of the 21 commercial properties representing 726,510 square feet of the 804,267 square feet. The largest owner is Magna Hospitality Group, followed by Greystar and then Mack Real Estate Group.
On the tax block, there was one new building construction project filed totaling 140,548 square feet. It is a 510-unit, 140,548 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed September 6, 2017 and permitted January 31, 2018.

The majority, or 32 percent of the 804,267 square feet of built space are hotel buildings, with office buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Magna Hospitality Group owned at least five commercial properties in New York City with 822,460 square feet and a city-determined market value of $333.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.1 billion in debt, with top three lenders as Wells Fargo, KSL Capital Partners, and PIMCO respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

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