Paramdeep Singh through the entity Premier Hotels LLC paid $59.5 million to Apple Core Hotels through the entity Wentworth Hotel, LLC for The Hotel @Times Square at 59 West 46th Street in Midtown West, Manhattan.
The deal closed on February 11, 2022 and was recorded on February 28, 2022.
The property has 100,678 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $590 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 signatory for Apple Core Hotels was William Kohane.
Prior to this transaction, the buyer Paramdeep Singh had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Apple Core Hotels had not purchased any other properties and sold one property in one transaction for a total of $29.9 million over the same time period.
This is at least the second hotel Paramdeep Singh owns. The other is a block away, at 149 West 46th Street, the Hotel 46 Times Square. The contract date for this sale was April 21, 2021.
Apple Core Hotels at one time had five hotels, according to a snapshot of the now defunct website, from 2017. Debt with an original principal of $42.5 million was assigned from the securitized loan package COMM 2013-CCRE9 to Benefit Street Partners through its BSPRT CRE Finance, LLC. The buyer entity shares an address with another hotel, owned by Manmeet Singh, at 249-05 Jericho Turnpike.
In Midtown West, the majority, or 69 percent of the 82.2 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 7th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Midtown West is the 3rd most active neighborhood among other neighborhoods. It had 8.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.
On the tax block, the majority, or 69 percent of the 871,147 square feet of built space are office buildings, with hotel buildings next occupying 12 percent of the space.
The former owner according to the Department of Housing Preservation and Development is Nicole McLean, head officer. The business entity was Wented Realty Corp.
Within a 400-foot radius of 59 West 46th Street, PincusCo identified 20 commercial real estate items of interests occurred over the past 24 months.
Of those 20 items, seven were sales above $5 million totaling $1.9 billion. The most recent of the seven was Magna Hospitality Group which bought the 126,000-square-foot rental (H6) on 30 West 46th Street for $88.5 million from Concord Hospitality on October 6, 2021.
Of those 20 items, 13 were loans above $5 million totaling $981.7 million. The most recent of the 13 was City’s Property Development which borrowed $40 million from Goldman Sachs secured by one condo unit in the 6,762-square-foot, 103-unit mixed-use building (RC) on 44 West 47th Street on January 6, 2022.
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