W&L Group borrows $17M from Berkshire Bank for hotel in Garment District

Thomas Wang’s W&L Group (Liang-Zhini Guo as signatory) through the entity Hkony West 37 LLC as borrower signed a loan agreement with lender The Berkshire Bank valued at $16.5 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 11 West 37th Street in Garment District. The deal closed on December 31, 2019 and was recorded on January 8, 2020.

The last time the property sold was January 30, 2014, for $7,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 68 hotel units on September 13, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.There has been one new building permit application totaling 24,631 square feet. Those plans include a total of 68 hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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