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.


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