Pineapple Hospitality signs $15.5M refi with Mizzen Capital for hotel in Hell’s Kitchen

Pineapple Hospitality through the entity NY Dream LLC as borrower signed a refi loan with lender Mizzen Capital, LP valued at $15.5 million for the hotel (H3) at 337 West 36th Street in Hell’s Kitchen, Manhattan.
The deal closed on August 26, 2021 and was recorded on December 17, 2021.
The property has 39,291 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $394 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 November 6, 2015, for $10 million.
The signatory for Pineapple Hospitality was Michelle Foreman Barnet. The signatory for Mizzen Capital was Elizabeth H. Karter and Marilyn Adler.
(121187606)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 89 residential units on July 17, 2018. (121187606) Plans for a 89-unit, 29,544 square-foot R-1 were filed on September 26, 2014 and were permitted on July 12, 2016.
Pineapple Hospitality bought the leasehold for $22 million in 2018.

Within a 400-foot radius of 337 West 36th Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were sales above $5 million totaling $99.3 million. The most recent of the two was NY 8th Ave Investor LLC which 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 eight items, six were loans above $5 million totaling $252.9 million. The most recent of the six was LSCH LLC which borrowed $64.9 million from Waterfall Asset Management secured by the 98,674-square-foot, 320-unit hotel (H2) on 523 8th Avenue on July 8, 2021.

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