Mayflower Business Group signs $34M refi with Shanghai Commercial for hotel in Hell’s Kitchen
Mayflower Business Group through the entity H 317-319 LLC as borrower signed a refi loan with lender Shanghai Commercial Bank valued at $34 million for the 24-unit hotel (H1) at 317-319 West 35th Street in Hell’s Kitchen, Manhattan.
The deal closed on December 2, 2021 and was recorded on December 28, 2021.
The property has 17,420 square feet of built space and 31,942 square feet of additional air rights for a total buildable of 49,370 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,951 and the price per buildable square foot is $688 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 April 18, 2016, for $28.0 million.
The signatory for Mayflower Business Group was Weihong Hu.
(123851796) Plans for a 166-unit, 45,859 square-foot R-1 were filed on May 14, 2019.
Weihong Hu heads Mayflower Business Group.
The owners according to the Department of Housing Preservation and Development includes Weihong Hu, head officer and Claire Shih, officer.
Within a 400-foot radius of 317-319 West 35th Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 19, 2020 for the $8.2 million renovation of 62,632-square-foot office (B) building with no residential units at 315 West 35th Street.
One of those 11 items was a sale which NY 8th Ave Investor LLC bought the 98,674-square-foot, 320-unit hotel (H2) on 523 8th Avenue for $47.4 million from McSam Hotel Group on June 25, 2021.
Of those 11 items, nine were loans above $5 million totaling $433.4 million. The most recent of the nine was Pineapple Hospitality which borrowed $15.5 million from Mizzen Capital secured by the 39,291-square-foot, 89-unit hotel (H3) on 337 West 36th Street on December 17, 2021.
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