Purchase and Redevelopment Loan of the Hudson Hotel, 24-Story, 385,124 SF
Parkview Financial closed a $207 million loan toward the purchase and redevelopment of the iconic Hudson Hotel in New York. The 385,124-square-foot (sf), 24-story building is located at 353-366 West 58th Street and was most recently a SBE-operated hotel owned by Cain International which shuttered in 2020 due to Covid. The new ownership has plans to convert the property into a 438-unit residential project with office and commercial space. The well-located building is one block west of Columbus Circle near Billionaire’s Row within the Clinton neighborhood of western Manhattan, along the Hudson River and the southern edge of Central Park.
The units will feature 8’ to 10’ high ceilings, hardwood floors, stainless steel appliances and quartz countertops and each unit will have in-unit washer/dryers. There will also be 30,000 sf of retail space and 25,000 sf of office space. The project is anticipated to complete in early 2023.
“With a strong demand for rental product in Manhattan, we saw this as a compelling opportunity to lend to an experienced borrower,” said Paul Rahimian, CEO and Founder with Parkview Financial. “With a smaller unit size, the sponsor plans to market the units at a 20% discount to other properties in the surrounding area, hoping to attract young professionals, students, and small families who appreciate the prime location, best-in-class amenities, and unit interiors featuring high-end finishes at below-market prices.”
Situated on a 0.68-acre land parcel, 353-366 West 58th Street was originally constructed in 1929 for the American Women's Association clubhouse and residence for young women. In 1941, it was converted to the Henry Hudson Hotel and space was leased for commercial uses as well as hotel. In 1997, the hotel was purchased by the Morgan Hotel Group and underwent renovation for use as the Hudson New York Hotel.
Parkview Financial provided this loan in conjunction with Montgomery Street Partners. The transaction was negotiated by Senior Managing Director, Morris Betesh, and Senior Vice President, Alex Bailkin of Meridian Capital Group who are both based in the company’s New York City headquarters.