United Investment Portugal signs $130M refi with Soros Fund Management for Hell’s Kitchen hotel

United Investment Portugal through the entity 42nd And 10th Hotel, LLC as borrower signed a refi loan with lender Soros Fund Management through the entity SFMP II GP LLC valued at $130 million for the Yotel hotel condominium unit at 570 10th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on November 26, 2024 and was recorded on December 11, 2024. The prior lender was MSD Partners which held debt that had an original loan amount of $130 million.
The property has 207,007 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $627 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 1, 2011, for $263 million from Related Companies. The signatory for United Investment Portugal was Carlos Leal. The signatory for Soros Fund Management was Joseph Workman.

The property

The hotel condo in Hell’s Kitchen has 207,007 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 207,007 square feet. The city-designated market value for the property in 2022 is $73.8 million. The most recent loan totaled $130 million and was provided by MSD Partners on January 13, 2023.

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

For the tax lot building, it received its initial certificate of occupancy on July 20, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by SCG MIMA TOWERS LLC to create 151 residential units in a building at 460 West 42nd Street in Hell’s Kitchen, Manhattan, called Towers Units At Mima Condominium that has a $420.4 million sellout, according to an July 08, 2015 submission to the New York State Attorney General. The principal of the sponsor, SCG MIMA TOWERS LLC, was Lei Shi.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.8 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 2.6 times the average sales volume among other neighborhoods with $667.8 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Hell’s Kitchen has 2.8 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing zero square feet of the 85,964 square feet. The identified owner is Port Authority Of New York And New Jersey.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 85,964 square feet of built space are specialty buildings, with walkup buildings next occupying 11 percent of the space.

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