Brookfield drops $83M on Hell’s Kitchen hotel

The 222-key property stands 17 stories tall

TRD New York /
Sep.September 25, 2019 02:45 PM
Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield Property Partners picked up a hotel along 11th Avenue in Hell’s Kitchen for $82.7 million.

The seller was PGIM Real Estate, property records show. And United Overseas Bank Limited provided Brookfield with $67.5 million in financing for the deal.

Brookfield confirmed the acquisition but declined to comment. PGIM did not immediately return requests for comment.

JLL advised PGIM on the sale and secured financing for Brookfield, according to Hotel Business, which first reported the deal.

Sitting at 653 11th Avenue along the corner of West 48th Street, the boutique Kimpton Ink48 hotel has 222 rooms and stands 17 stories tall. Michael Yanko’s Horizen Global converted the building from a printing press.

Through a limited liability company, Horizen acquired the site for its redevelopment in 2006 for $46.6 million. US Bank National Association, which had provided over $136 million financing for the work, foreclosed on the project in 2008, according to a judge’s ruling on the case.

PGIM at the time had been the majority partner in the development and had struck a deal with Horizen to replace the US Bank loans once the project reached “substantial completion,” according to the order. The judge ruled in favor of US Bank, and PGIM eventually took over ownership of the hotel.

In other Hell’s Kitchen hotel news, Maddd Equities and Joy Construction are building a 27-story hotel at 305 West 48th Street, located about three avenues east of Brookfield’s acquisition.


Related Articles

arrow_forward_ios
Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

arrow_forward_ios