Parkview Financial Provides $207M Loan For Purchase Of Hudson Hotel In Manhattan

The iconic Hudson Hotel in New York has been purchased with the help of a $207 million loan provided by Parkview Financial. The 24-story building, located at 353-366 West 58th Street, spans 385,124 square feet and was previously operated by SBE until it closed in 2020 due to the Covid pandemic. The new ownership plans to convert the property into a 438-unit residential project with office and commercial space. The well-located building is situated 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.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $207,000,000
• Address: 353-366 West 58th Street
• Market: Manhattan
• Square Footage: 385,124
• Units: 438

The loan was secured through Parkview Financial, with Paul Rahimian as the representative from the lender. The transaction was facilitated by Morris Betesh and Alex Bailkin from Meridian Capital Group. With their expertise, the deal was successfully negotiated, paving the way for the acquisition and redevelopment of the Hudson Hotel into a residential complex with additional office and commercial spaces.