Marx Development Group borrows $202M from Mack Real Estate Credit Strategies for hotel in Hudson Yards

David Marx’s Marx Development Group through the entity 34-10 Development LLC as borrower signed a loan agreement with lender Mack Real Estate Credit Strategies through the entity CMTG Lender 43 LLC valued at $201.5 million for a 399-unit hotel nearly completed at 461 West 34th Street in Hudson Yards. The deal closed on August 15, 2019 and was recorded on October 25, 2019.
The property contains a total of 197,713 square feet of built zoning space.
The average loan per square foot is $1,019.
The city has not issued the initial temporary certificate of occupancy as of October 27, despite the developer filing for it in March 2018, but DOB inspection records indicate the city’s initial TCO will be issued shortly. There have been several lenders in recent years. An affiliate of the Related Companies provided a $60 million loan in 2014, which was assigned to an affiliate of the Moinian Group in 2015 and increased to $125 million. That debt was assigned to Mack, which added an additional $76.5 million in a gap mortgage. The last time the property sold was April 13, 2007, for $16,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $904,494. There has been one new building permit application totaling 197,714 square feet. Those plans include a total of 399 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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