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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