Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City
NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood.
Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower.
Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space.
The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023.
The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row.
Parkview Financial provided the financing in conjunction with Montgomery Street Partners. Morris Betesh and Alex Bailkin of Meridian Capital Group, both based in the company’s New York City headquarters, arranged the transaction.
Parkview Financial is a direct private lender specializing in ground-up commercial and residential real estate financing. The company has offices in Los Angeles, New York, Denver and Atlanta.