According to a report from the New York Business Journal, BH3 Management has regained control of a high-end condominium development in Manhattan’s Hell’s Kitchen neighborhood. The investment firm, based in Miami, paid $50 million to acquire the condos at 500 W. 45th St. from Chinese company Xin Development International as part of a bankruptcy reorganization plan.
The project, known as Bloom on 45th and consisting of 92 units, was completed in 2019 with sales beginning in early 2020. Xin had successfully sold off forty units ranging from studios priced at $796,000 to three-bedroom units priced around $3.6 million before facing financial difficulties and owing BH3 approximately $79.7 million in debt for the property.
With ownership now transferred back to BH3 Management, plans are being finalized for a new sales and marketing campaign aimed at selling the remaining fifty-one available units according to statements provided by BH3 Management to the Business Journal .
Image courtesy of BH3 Management.
This post originally appeared on Connect CRE .
