Meng Hua Wang borrows $21M from Preferred Bank for new hotel in Hudson Yards

Meng Hua Wang through the entity W38 Boutique Inn LLC as borrower signed a loan agreement with lender Preferred Bank valued at $21.5 million for 1 parcel, including the tax class boutique hotel 10-100 rooms (HB) at 333 West 38th Street in Hudson Yards. The deal closed on October 9, 2020 and was recorded on November 13, 2020. The hotel has 81 keys.
The property contains a total of 35,219 square feet of built space.
The average loan per buildable square foot is $525.
The loan includes a refinance of a loan with an original principal of $18 million and the addition of a $3 million line of credit. The last time the property sold was November 7, 2014, for $10,817,625.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 81 hotel units on September 11, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 29,188 square feet. Those plans include a total of 81 hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link