Korman Communities sweeps up Smyth hotel for $72M

The new owner also refinanced the debt on the property with a $41M loan

New York /
Nov.November 30, 2017 12:54 PM

From left: The Smyth Hotel, Larry and Brad Korman (Credit: Korman Communities and Thompson Hotels)

UPDATED: Thurs., Dec. 7, 01:48 p.m.: Korman Communities, in partnership with Shorewood Real Estate Group and Prodigy Network, bought the Smyth hotel in Tribeca for $72.2 million, records filed with the city Thursday show.

Walton Street Capital was the seller and the original developer of the property in a joint venture with Tribeca Associates. In 2010, the pair brought 15 condominiums in the building at 85 West Broadway to market. A well-publicized stay by the Kardashian sisters in 2012 preceded a boost in offering prices, according to the Wall Street Journal.

Alexandre Vial and Kyle Stein

Sources said Alexandre Vial and Kyle Stein of Prince Realty Advisors brokered the sale of the Tribeca property to Korman, a Pennsylvania-based owner of hotels and rental buildings. The brokers declined to comment.

Vanbarton Group also made an equity investment in the acquisition.

The 14-story hotel holds 100 rooms and when it opened, featured a 100-seat Jour et Nuit Restaurant and Lounge that has since been replaced by chef Andrew Carmellini’s Little Park.

Korman owns several other Manhattan hotels, Including Aka Wall Street and AKA Central Park, but has indicated an appetite to diversify. In 2015, it swapped a hotel plan for a site near Sutton Place for condominiums.

Mark Maurer contributed reporting.


Related Articles

arrow_forward_ios
Hewlett Packard Enterprise Co. CEO Antonio Neri (Unsplash; Hewlett Packard Enterprise)

Hewlett Packard Enterprise leaves Silicon Valley for Texas

Hewlett Packard Enterprise leaves Silicon Valley for Texas
Convention centers are a losing proposition for private developers, but local governments see them as a way to attract business tourism. (iStock)

Convention centers boom despite shows going virtual

Convention centers boom despite shows going virtual
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
Having learned from missed opportunities a decade ago, family offices are strategically looking for distress opportunities in real estate (iStock)

Family offices gearing up to pounce on distressed real estate

Family offices gearing up to pounce on distressed real estate
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
Knotel CEO Amol Sarva (Sasha Maslov, Knotel, iStock)

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel
From left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
B6's Paul Massey and Tom Gammino (Photos via B6; Jll)

Tom Gammino joins Paul Massey’s B6

Tom Gammino joins Paul Massey’s B6
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...