According to the New York Business Journal, BH3 Management has regained control of a high-end condominium development located in Manhattan’s Hell’s Kitchen neighborhood. The Miami-based investment firm purchased the condos at 500 W. 45th St. from Chinese developer Xin Development International for $50 million as part of a bankruptcy reorganization plan.
The building, known as Bloom on 45th, was completed in 2019 and began sales in 2020 under Xin’s management. Out of the total 92 units, only forty were sold with prices ranging from $796,000 for a studio to approximately $3.6 million for a three-bedroom unit. However, due to financial difficulties faced by Xin Development International and their outstanding debt of $79.7 million owed to BH3 Management (the senior and mezzanine lender), BH3 sought foreclosure on the property.
Now that ownership has been transferred back to BH3 Management, they are preparing to launch a new marketing campaign for the remaining fifty-one available units at Bloom on 45th according to statements made by them given exclusivelyto Connect CRE . An image provided courtesyofBH3Management accompanies this post.
