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New York

Hakimian sells hotel at 75 Wall Street

Navika Capital Group to purchase building portion for nearly $85M

Ben Hakimian and Naveen Shah of Navika Capital Group (Navika Group of Companies, LoopNet, iStock, KSU)
Ben Hakimian and Naveen Shah of Navika Capital Group (Navika Group of Companies, LoopNet, iStock, KSU)

The Hakimian Organization is checking out of the hotel at 75 Wall Street.

The group has sold the hotel portion, titled Andaz Wall Street, of the building to Navika Capital Group for nearly $85 million, according to public records filed Tuesday.

The upper portion of the building was converted in 2008 to include luxury condominiums. The 253-room Hyatt-branded hotel takes up the lower floors of the building, which are zoned for residential and commercial use, while 346 apartments occupy the upper floors. The tower is 42 stories in total.

Hakimian will continue to own the condo portion of the Financial District building, according to public records.

Among the hotel’s amenities are a seasonal beer garden, an additional dining outlet, a 24-hour fitness center and more than 10,500 square feet of event space.

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Neither Hakimian nor Navika immediately responded to requests for comment.

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Hotels have struggled since the onset of the pandemic, which shuttered the Big Apple’s tourism industry. Two years on, the city’s hospitality market is facing an uncertain future as local officials and businesses look to confront recent surges in coronavirus cases.

Many hotels remained shuttered during the pandemic, as the cost of operating would have outweighed the properties’ revenue. The stall in market action was jolted by the city’s passing of a severance bill requiring hotels to reopen or ​​provide severance pay to their out-of-work employees.

The 399-room Omni Berkshire Place in Midtown, the 1,300-room Grand Hyatt near Grand Central and the 1,900 room Hilton Midtown on Sixth Avenue, were among those that announced plans to reopen shortly after the bill’s passage.

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