Parkview Financial places 444-unit Hell’s Kitchen conversion in bankruptcy, former CSC project subject to $171M ground lease
353 West 57th Street (Credit - Google)
Parkview Financial, which took over the stalled CSC Real Estate project to create 444 residential, hotel and single-room occupancy units in the 959-unit single-room occupancy Henry Hudson Residences building in Hell’s Kitchen, filed to place the project into chapter 11 bankruptcy protection on October 24, 2025, in Delaware. The signatories on the filing were two executives for Parkview Financial, Paul Rahimian and Ted Jung.
Parkview Financial is the former lender on the project which was initiated by the Smeke brothers’ CSC Real Estate. The lender took over the conversion some time after July 2025, though the exact date was not disclosed in court filings. The bankruptcy filing shows that Parkview Financial’s entity PV Hudson LLC is the 100% equity owner. CSC’s principals, Alberto and Salomon Smeke are described as “former sponsor guarantors” and are listed as creditors with a $1.7 million unsecured, disputed claim.
The first creditor mentioned is an entity affiliated with Montgomery Street Partners, which is the ground lessor of a 99-year ground lease signed in 2022 valued at $171 million. There is no dollar figure listed for the claim, which is listed as “contingent, unliquidated, disputed.”
In January 2023, Alberto Smeke of CSC Real Estate (then known as CSC Coliving) submitted a major alteration application, M00805103, set to change the certificate of occupancy of the 26-story building at 353 West 57th Street in Hell’s Kitchen, Manhattan from a 959-unit single room occupancy hotel to an apartment building with 444 residential, single-room occupancy and hotel units, and of those, 140 will be affordable.
CSC filed a series of alteration jobs at the building, but this is the first that seeks to change the number of units at the building.
CSC Coliving as tenant signed a 99-year ground lease valued at $171.1 million with Montgomery Street Partners as landlord for three commercial condominium units totaling 438,423 square feet that are part of a 461,930-square-foot building at 353 West 57th Street in Hell’s Kitchen. The lease is part of a multi-party transaction that was executed on May 4, 2022 and recorded on June 15, 2022.
Bankruptcy case 25-11853-KBO LINK
In February 2025, Newmark published a notice for the UCC sale scheduled for April 2025, of the equity interest in the project, citing debs of $193 million, according to the publication Distressed Asset Central.
Parkview Financial filed a $207 million lawsuit 158370/2025 against Alberto Smeke, Salomon Smeke and CSC Real Estate on July 1, 2025, in New York State Supreme Court, seeking a judgment related to construction at the project. That litigation was discontinued August 13, 2025.
According to the bankruptcy filing, “WHEREAS, the Member has surveyed potential restructuring options for the Companies and duly considered presentations by the management and advisors to the Companies regarding the Companies’ assets, liabilities, the short- and long-term liquidity situation and prospects of the Companies, among other things, and the impact of the foregoing on the Companies’ business, prospects, operations, and value…RESOLVED, that the Companies are authorized and empowered to file or cause to be filed forthwith voluntary petitions for relief and related documents and pleadings to commence the Chapter 11 Cases under the provisions of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware…”
The neighborhood
In Hell’s Kitchen, The bulk, or 39 percent of the 40.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has near average sales volume among other neighborhoods with $865.2 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Hell’s Kitchen has near average amount of major developments among other neighborhoods and is the 19th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The surrounding
Within a 400-foot radius of 361 West 57 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $10.5 million. The most recent of the two was 401-403 57th St. Realty Corp. in which borrowed $5 million from Commonwealth Business Bank secured by the 20,265-square-foot, 34-unit rental (D7) on 401 West 57th Street on August 28, 2025.
Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page
and link to DOB NOW portal.