The Real Deal New York

5 Beekman sale closes for $64M

April 06, 2012 01:00PM

5 Beekman Street

The price of Allen Gross’ GB Lodging’s purchase of the Temple Court building, a nine-story city landmark at 5 Beekman Street formerly owned by the Chetrit Group and Bonjour Capital, has finally been revealed. The deal closed for $64 million, according to public records filed with the city yesterday, and closed March 15.

As The Real Deal previously reported, the nine-story Lower Manhattan property will become a hotel under the Thompson Hotels brand, operated by Commune Hotels & Resorts. It will be a 297-room boutique hotel with 90 residences, according to a statement from Commune issued last month.

A spokesperson for GB and Commune told The Real Deal today that while a date has not yet been confirmed for construction to begin, the project is slated for completion in 2014. — Katherine Clarke