Premier Equities picks up former Tribeca hotel for $18M

Manhattan saw 3 of 4 investment deals between $10M and $30M last week

New York /
Jun.June 02, 2021 08:30 AM
130 Duane Street and 106 Pinehurst Avenue (Google Maps)

130 Duane Street and 106 Pinehurst Avenue (Google Maps)

Manhattan has made deal makers smile again. The borough captured three of four investment sales recorded last week in the $10 million to $30 million range.

Premier Equities bought a hotel in Tribeca that closed during the pandemic, a West Village rental building sold for just 11 percent more than it did in 2015 and a 96-unit apartment building traded hands in Hudson Heights.

The word of the week in Queens was “warehouse,” as strong industrial sales continued there.

Here are more details on mid-market investment sales for the week ending May 28. The week recorded a total sales volume of $60.25 million, just below the prior week’s total of $63.3 million for four investment sales.

1. Rosedale Management sold a 93,000-square-foot multifamily building at 106 Pinehurst Avenue in Hudson Heights for $19.6 million. The building has 96 residential units. Barry Aronowsky signed for the seller. The buyer was Joseph Grubner through limited liability company Pinehurst Management.

2. Premier Equities acquired a 17,500-square-foot hotel building at 130 Duane Street in Tribeca for $18 million. The seller was Hersha Hospitality Management. It’s the second hotel Premier plans to reopen with Sonder as an operator, signing the hospitality startup to lease the buildings. (The developer acquired the 31,000-square-foot Flatiron Hotel at 1141 Broadway for $40.3 million in May 2019, saving it from bankruptcy.)

3. Ren Empire Realty acquired a 30,000-square-foot warehouse at 58-97 57th Street in Maspeth, plus an adjacent parking lot, for $12.65 million. The parking lot spans 7,000 square feet. The selling entity was Ardel Enterprises #4.

4. Steven Schnall and Howard Lev sold an 8,300-square-foot, mixed-use building at 287 Bleecker Street in the West Village for $10 million. The buyer was limited liability company Bleecker & Borrow. Tom Brady of Douglas Elliman represented both sides. The building has eight apartments and one retail unit, and became classified as part of a historic district in May. Schnall acquired the building in 2015 for $9 million.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
     Assembly member Karines Reyes, Andrew Cuomo and Sen. Michael Gianaris (Getty)
    Bill to fund hotel and office conversions heads to Cuomo’s desk
    Bill to fund hotel and office conversions heads to Cuomo’s desk
    Sen. Michael Gianaris (Getty, iStock)
    Hotel, office conversion bill advances with deadline at hand
    Hotel, office conversion bill advances with deadline at hand
    1111 Fannin Street, Houston (Google Maps, iStock)
    Harris County set to buy downtown Houston office building for close to $29M
    Harris County set to buy downtown Houston office building for close to $29M
    102-05 Ditmars Blvd (Google Maps)
    Queens hotel wins massive tax reduction
    Queens hotel wins massive tax reduction
    546 Broadway and Isaac Chetrit (Google Maps)
    Uniqlo finalizes $160M buy of its flagship at 546 Broadway
    Uniqlo finalizes $160M buy of its flagship at 546 Broadway
    arrow_forward_ios

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

    Loading...