Magna Hospitality Group signs $165M refi loan with Wells Fargo for hotel in Garment District

Magna Hospitality Group through the entity NY 36th Street Operating V LLC as borrower signed a refi loan with lender Wells Fargo through the entity Wells Fargo Bank, National Association valued at $165 million for the hotel building (H2) at 338 West 36th Street in Garment District, Manhattan.
The deal closed on November 26, 2025 and was recorded on December 3, 2025. The prior lender was PIMCO which held debt that had an original loan amount of $145 million.The property has 197,027 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $837 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 March 22, 2019, for $274.3 million. The signatory for Magna Hospitality Group was Gregory Weingart . The signatory for Wells Fargo was Spencer Russo .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development include Renee Gauvin of Magna, head officer and Anthony Canna, agent. The business entity is Ny 36th Street Operating V Llc. The 197,027-square-foot property generated revenue of $54.1 million or $275 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Garment District has 197,027 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 98 feet deep with a total lot size of 12,344 square feet. The city-designated market value for the property in 2022 is $100.6 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 $6,425 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 24, 2019. 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 10.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 20 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 14 of the 20 commercial properties representing 1,221,850 square feet of the 1,440,736 square feet. The largest owner is Magna Hospitality Group, followed by GFP Real Estate and then Kaufman Organization.
On the tax block, there were two new building construction projects totaling 118,485 square feet. The largest is a 166-unit, 59,250 square-foot hotel/dormitory/shelter (R-1) building submitted by Wei Hong Hu and filed by Wei Hong Hu with plans filed May 14, 2019 and permitted May 1, 2023. The second largest is a 151-unit, 59,235 square-foot hotel/dormitory/shelter (R-1) building submitted by Weihong Hu with plans filed August 20, 2016 and it has not been permitted yet.

The majority, or 46 percent of the 1.4 million square feet of built space are office buildings, with hotel buildings next occupying 37 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 $935.9 million in debt, with top three lenders as KSL Capital Partners, PIMCO, and Blackstone Group respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

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