Sixty Hotels signs $23.8M refi for Six Columbus hotel in Hell’s Kitchen
The Pomeranc brothers’ Sixty Hotels through the entity 308 West 58 LLC as borrower signed a refi loan with lender Bank of Montreal valued at $23.8 million for the Six Columbus hotel building (HB) at 308 West 58th Street in Hell’s Kitchen, Manhattan.
The deal closed on April 4, 2024 and was recorded on April 15, 2024. The prior lender was Provident Bank which held debt that had an original loan amount of $28 million.
The property has 44,840 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $529 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 Sixty Hotels was Lawrence Pomeranc. The signatory for Bank of Montreal was Michael Birajiclian.
Lawrence Pomeranc is a business partner at Sixty Hotels.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Jack Rosen, head officer and Lawrence Pomeranc, officer. The business entity is Bert Realty Llc.
The property
The hotel building in Hell’s Kitchen has 44,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,233 square feet. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.2 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 received four DOB 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 Hell’s Kitchen, The bulk, or 39 percent of the 40.6 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 2.7 times the average sales volume among other neighborhoods with $743.4 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Hell’s Kitchen is the 8th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 494,839 square feet of the 706,466 square feet. The largest owner is Marc Goldfarb, followed by Gorjian Real Estate Group and then Denis Reynolds.
There are no active new building construction projects on this tax block.
The majority, or 69 percent of the 706,466 square feet of built space are elevator buildings, with office buildings next occupying 15 percent of the space.
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