NoMad’s MAve hotel sells for $28.5M

October 16, 2013 12:51PM

NoMad’s MAve hotel has sold for roughly $28.5 million, brokerage Savills Hospitality, which handled the transaction, said.

The 62 Madison Avenue property, near East 27th Street, was formerly owned by an entity controlled by Livorno Properties principal Ben Zion Suky and Roxy Deli owner Joseph Ben Moha. The 12-story, 72-room hotel features two penthouse suites, a fitness center and roof access. The property hit the market in May after the former owners declared bankruptcy. The buyer is an LLC known as MAve Investors.

Justin Magazine, Savills vice president and leader of its New York hospitality practice, said in a release that the hotel’s retail component – which has store frontage on both Madison Avenue and 27th Street — “brings considerable upside to the transaction.” – Hiten Samtani