Jewel Hotel owner sells off 51st Street retail condo for $17.5M

August 09, 2011 10:26AM

[Updated Aug. 11 at 4.00 p.m.] Queens-based real estate holding company Samson Management has completed its purchase of a 4,000-square-foot retail condominium at 11 West 51st Street, at the base of the Jewel hotel, for $17.5 million. Robert K. Futterman & Associates brokered the deal.

The seller of the property, near the entrance to Rockefeller Center between Fifth And Sixth avenues, was an LLC named 11 West 51st Street (see: correction appended). The condo is currently fully leased to Banco Popular. 
 

RKF executive vice president Jeff Fishman, senior managing director Mark Kapnick, director Brian Segall, and analyst Jonathan Butwin were the exclusive agents for the seller.  RKF also represented the buyer.

“This was an excellent opportunity for the buyer to purchase a retail condominium in an incredibly vibrant location,” Fishman said.  “With the long-term lease to Banco Popular, 11 West 51st Street afforded the buyer a unique minimal-risk and long-term strategy investment.” 

As The Real Deal previously reported, the anonymous entity bought the Midtown property as part of a larger transaction from JPMorgan Chase in 2008, with the aim of building the hotel, which opened its doors in 2010.

Samson was not immediately available for comment. — Katherine Clarke