The Real Deal New York

Prodigy Network grabs stake at AKA United Nations

BlackRock to hand off majority ownership of Midtown East extended-stay hotel
September 08, 2014 04:10PM

UPDATED, 5:53 p.m., Sept. 16: Crowdfunding real estate firm the Prodigy Network received a mezzanine loan from New York-based investment firm the Emmes Group of Companies in order to acquire a large stake at the AKA United Nations extended-stay hotel in Midtown East.

Investment-management giant BlackRock currently holds the majority stake at the 20-story property at 234 East 46th Street, between Second and Third avenues. Korman Communities, which owns the remaining 10 percent of the hotel, would continue to operate the site as an AKA.

The 82,000-square-foot building, which was on the market in 2010 for upwards of $70 million, was last sold in 2004 for $43.8 million, records show.

Last month, Emmes sold 989 Third Avenue for $31.3 million to developer Harry Macklowe, as The Real Deal reported. [Crain’s]Mark Maurer