The Real Deal New York

Here’s what the $10M-$20M investment sales market looked like last week

Gemini sells Midtown hotel; Criterion nabs Astoria office building
By Kyna Doles | November 14, 2016 07:30AM

442 West 36th Street, Shibber Khan and 28-18 Steinway Street

From left: 442 West 36th Street, Shibber Khan and 28-18 Steinway Street

1.) Gemini Real Estate Advisors sold the Quality Inn Midtown West at 442 West 36th Street for $18.5 million. The sale appears to be a loss for Gemini, which paid $18.8 million to acquire the hotel eight years ago. Jin Sup An, the owner of the East Houston Hotel on the Lower East Side and GEM Hotel near Hudson Yards, is the buyer.

2.) Shibber Khan’s Criterion Group TRData LogoTINY snapped up an office-and-retail building in Astoria for $12.5 million from the Malachite Group. The building at 28-18 Steinway Street has 12 commercial units totaling 24,600 square feet. It’s home to several medical offices and law firms, and is sandwiched between a pair of low-rise commercial buildings along Steinway. Malachite paid $7.5 million for the four-story building a decade ago. Criterion is also looking to sell a a 253,000-square-foot development site in Long Island City, as The Real Deal reported in August.

(Source: ACRIS data for closed sales between Nov. 7-13, and Reonomy data)