Triumph Hotels signs $31.1M loan with Popular Bank for Iroquois Hotel in Midtown West

Triumph Hotels through the entity Iroquois Hotel Holdings LLC as borrower signed a loan with lender Popular Bank valued at $31.1 million for the hotel building (HB) at 47 West 44th Street in Midtown West, Manhattan.
The deal closed on October 31, 2022 and was recorded on November 17, 2022. The property has 52,575 square feet of built space and 18,460 square feet of additional air rights for a total buildable of 71,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $591 and the price per buildable square foot is $438 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 October 29, 2015, for $17.8 million.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Shimmie Horn, head officer and Brett Blass, agent. The business entities are Triumph Hospitality and Iroquois Hotel Holdings.

The property

The 47 West 44th Street parcel has frontage of 70 feet and is 100 feet deep with a total lot size of 7,100 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $15.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,435 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Midtown West, the majority, or 73 percent of the 77.7 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 5th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 10.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 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 11 of the 28 commercial properties representing 1,089,323 square feet of the 2,081,637 square feet. The largest owner is RXR Realty, followed by Keck Seng Investments and then Edmond M. Safra.
On the tax block, there was one new building construction project filed totaling 138,345 square feet. It is a 310-unit, 138,345-square-foot R-1 building developed by Morris Moinian with plans filed October 2, 2015 and permitted October 6, 2021.

The majority, or 49 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 45 percent of the space.

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