New $88.5M refi with Wells Fargo for hotel in Midtown West, Magna Hospitality Group reported owner

Magna Hospitality Group, the reported owner of the property, through the entity NY 48 LLC as borrower, signed a refi loan with lender Wells Fargo valued at $88.5 million for the hotel condo at 150 West 48th Street in Midtown West, Manhattan.
The deal closed on December 17, 2025 and was recorded on December 19, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $83.5 million.
The property has 100,104 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $884 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 September 8, 2023, for $159.3 million. The signatory for Magna Hospitality Group was Jennifer Adams Shepler . The signatory for Wells Fargo was Matthew Kacheris . Published reports identify Magna Hospitality Group as the owner of this hotel condo unit.

The property

The hotel condo in Midtown West has 100,104 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 100,104 square feet. The city-designated market value for the property in 2022 is $60.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 38.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 51 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the nine commercial properties representing 3,151,132 square feet of the 3,154,582 square feet. The largest owner is Ivanhoe Cambridge, followed by Natixis and then Riu Hotels & Resorts.
On the tax block, there was one new building construction project filed totaling 112,862 square feet. It is a 401-unit, 112,862 square-foot hotel/dormitory/shelter (R-1) building submitted by Atlas Hospitality and filed by Raj Guru with plans filed April 28, 2021 and permitted December 4, 2023.

The majority, or 63 percent of the 3.2 million square feet of built space are office buildings, with hotel buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Magna Hospitality Group owned at least five commercial properties in New York City with 822,460 square feet and a city-determined market value of $333.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as Wells Fargo, Aareal Capital, and KSL Capital Partners respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

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