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.





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