Weihong Hu pays $11M for air rights, gets $22.5M refi in Garment District

Developer Weihong Hu through the entity H Hotel LLC acquired development rights from Aini Assets through the entity Rsvp 38th Street Venture, LP valued at $11 million for the development site at 58-60 West 39th Street in the Garment District. The Aini property is adjacent, and has an address of 63 West 38th Street. The deal closed on March 3, 2021 and was recorded on April 2, 2021.

Aini sold 23,000 square feet of development rights. Hu filed plans for a hotel at the site.
Weihong Hu through the entity H Hotel LLC as borrower signed a loan agreement with lender Shanghai Commercial Bank Ltd. valued at $22.5 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 58-60 West 39th Street in Garment District. The deal closed on March 3, 2021 and was recorded on April 2, 2021.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $203,000.

Direct link to Acris document. link