Two Kings Real Estate signs $76.5M refi with Deutsche Bank for hotel in Chelsea

Two Kings Real Estate through the entity Tulip Hotels LLC as borrower signed a refi loan with lender Deutsche Bank through the entity German American Capital Corporation valued at $76.5 million for the Hilton Garden Inn New York/Manhattan-Chelsea hotel building (H2) at 121 West 26th Street in Chelsea, Manhattan.
The deal closed on June 5, 2026 and was recorded on June 12, 2026. The prior lender was Series 2013-GC13 serviced by Trimont which held debt that had an original loan amount of $72.8 million. The property has 64,764 square feet of built space and 12,952 square feet of additional air rights for a total buildable of 77,712 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,181 and the price per buildable square foot is $984 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 June 15, 2022, for $80.3 million. The signatory for Two Kings Real Estate was Christopher Eng Wang . The signatory for Deutsche Bank was Paul Richardson and R. Chris Jones .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Christopher Wang , head officer and Naleni Sanichar, site manager. The business entity is Tulip Hotels Opco Llc. The 64,764-square-foot property generated revenue of $15.1 million or $234 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Chelsea has 64,764 square feet of built space and 12,952 square feet of additional air rights for a total buildable of 77,712 square feet according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 98 feet deep with a total lot size of 6,476 square feet. The city-designated market value for the property in 2022 is $35.6 million. Deutsche Bank on June 5, 2026 bought a loan with an original principal of $72.8 million from Series 2013-GC13 serviced by Trimont signed by Amy Frye , secured by 121 West 26th Street, when owned by Two Kings Real Estate .

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 two DOB violations and $2,300 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 $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 3.3 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 block

On this tax block, PincusCo has identified the owners of 16 of the 23 commercial properties representing 959,835 square feet of the 1,325,984 square feet. The largest owner is Rosen Equities, followed by Two Kings Real Estate and then Melia Hotels International .
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Two Kings Real Estate owned at least one commercial property in New York City with 64,764 square feet and a PincusCo-determined asset value of $80.3 million. The portfolio consists of at least a single hotel property.

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