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Lender Takes Back Hell’s Kitchen Luxury Condos in Bankruptcy Sale

BH3 Management has taken back control of a luxury condominium development in Manhattan’s Hell’s Kitchen neighborhood, reported the New York Business Journal. The Miami-based investment firm paid $50 million to acquire the condos at 500 W. 45th St. from Chinese development company Xin Development International, a sale that is part of a bankruptcy reorganization plan.

Construction on the 92-unit Bloom on 45th was completed in 2019 and sales began there in 2020. Xin had managed to sell 40 units in the building, ranging in price from $796,000 for a studio to about $3.6 million for a three-bedroom unit. The developer owed $79.7 million in senior and mezzanine debt on the property to BH3, which sought to foreclose.

“Now that BH3 has taken ownership, we are finalizing plans to launch a new sales and marketing campaign for the 51 units that remain available for sale,” BH3 told the Business Journal.

Image courtesy of BH3 Management.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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