Fortuna Realty Group

445 Park Avenue
New York, NY 10022
(212) 922-1220
Website

Fortuna Realty Group is a real estate investment and development company with a focus on hospitality and multi-family assets. The firm was founded in 1984 by Morris Moinian with its first acquisition, 1489 First Avenue. It has since expanded to other hotels and properties in Manhattan, as well as the Loews Paradise Island Hotel in the Bahamas (which it sold in 1999) and the Hyatt Orlando Resort.

The firm has been particularly active in hotels, owning the Hotel Hugo and the Indigo Hotel Chelsea. In 2012 the firm purchased Long Islands historic Garden City Hotel for approximately $91 million, snagging the hotel from the Nelkin family. In 2015 Fortuna purchased the Wyndam Garden hotel in the Flatiron district for $60 million, outbidding other companies such as Bridgeton Acquisitions. Fortuna also has kept a presence in the Caribbean, owning the Sugar Bay Resort and Spa in the U.S. Virgin Islands.

At the Firm
Deal Sheet
Properties
New Development

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Morris Moinian

Fortuna Realty Group, Founder & President
445 Park Avenue, New York, NY, (212) 922-1220

Morris Moinian is the founder and president of Fortuna Realty Group. Moinian, whose...

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Event Financing
Address 127 West 28th Street
Neighborhood Chelsea
Borough Manhattan
Price $ 50,800,000

Publication Date 12/16/2018
Event Date 12/14/2018
Party 1 Fortuna Realty Group
Party 2 Morgan Stanley

notes

The lender issued a loan of $50.8 million for the Chelsea property.

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Event Financing
Address 120 Water Street
Neighborhood Financial District
Borough Manhattan
Price $ 40,000,000

Publication Date 12/16/2018
Event Date 12/11/2018
Party 1 Atlas Hospitality, Fortuna Realty Group
Party 2 Bank America Merrill Lynch

notes

The owner secured a construction loan of $40 million for the Financial District property.

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Event Sales
Address 364 West 18th Street
Neighborhood Chelsea
Borough Manhattan
Square feet 57,000
Price $ 33,800,000
Price per foot $ 592.98

Publication Date 04/01/2012
Event Date 02/21/2012
Party 1 Fortuna Realty Group
Party 1 Brokerage Eastern Consolidated
Party 1 Broker Azita Aghravi, Brian Ezratty, Paul Nigido
Party 2 Stonehenge Partners
Party 2 Brokerage Eastern Consolidated
Party 2 Broker Azita Aghravi, Brian Ezratty, Paul Nigido

notes

The property sold for $33.8 million. The buyer plans to rename the building Stonehenge 18, improve the apartments and reposition the building's retail space, which is currently configured as eight storefronts.

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Event Sales
Address 422 Saint Nicholas Avenue
Neighborhood Central Harlem
Borough Manhattan
Square feet 11,100
Price $ 1,810,000
Price per foot $ 163.06

Publication Date 09/01/2011
Event Date 07/23/2011
Party 1 Fortuna Realty Group
Party 1 Brokerage Ariel Property Advisors
Party 2 King Penguin Properties
Party 2 Brokerage In-house

notes

The walk-up building sold for $1.81 million. The price represents a gross rent multiple of 8.8 and a capitalization rate of 6.8 percent.

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Event Retail Leasing
Address 114 Ninth Avenue
Neighborhood Chelsea
Borough Manhattan
Square feet 950

Publication Date 08/01/2009
Event Date 06/22/2009
Party 1 Fortuna Realty Group
Party 1 Brokerage Winick Realty Group
Party 1 Broker Jeff Winick, Lori Shabtai, Monica Kass, Joshua Singer
Party 2 Subway
Party 2 Brokerage Winick Realty Group
Party 2 Broker Josh Singer

notes

The sandwich chain signed a lease for another location.

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Event Sales
Address 112 Ninth Avenue
Neighborhood Chelsea
Borough Manhattan
Square feet 57,000
Price $ 31,400,000
Price per foot $ 550.88

Publication Date 01/01/2008
Event Date 11/22/2007
Party 2 Fortuna Realty Group

notes

The rental building sold for $31.4 million. The buyer plans to renovate and upgrade the prewar property and hopes to attract high-end retailers for the building's ground-floor storefronts.

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Event Sales
Address 210 West 109th Street
Neighborhood Morningside Heights
Borough Manhattan
Price $ 8,250,000

Publication Date 12/01/2007
Event Date 10/22/2007
Party 2 Morris Moinian, Fortuna Realty Group

notes

The Upper West Side building sold for $8.25 million.

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Event Sales
Address 215 West 108th Street
Neighborhood Upper West Side
Borough Manhattan
Square feet 31,425
Price $ 16,500,000
Price per foot $ 525.06

Publication Date 12/01/2007
Event Date 10/22/2007
Party 1 Fortuna Realty Group
Party 1 Brokerage GFI Realty Services
Party 1 Broker Roni Abudi, Dan Suissa
Party 2 Morris Moinian
Party 2 Brokerage GFI Realty Services
Party 2 Broker Shawn Sadaghati

notes

The five- and six-story multifamily residential buildings sold for $16.5 million, or $525 per square foot. The price represents a capitalization rate of 5.7 percent and a gross rent multiple of 14.5. The units are primarily renovated two- and three-bedroom apartments; 31 units are free market. The properties have an additional 23,000 square feet of air rights. Includes 210 West 109th Street.

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Event Sales
Building Name 112-126 Ninth Avenue
Address 112 Ninth Avenue
Neighborhood Chelsea
Borough Manhattan
Square feet 60,000
Price $ 40,000,000
Price per foot $ 666.67

Publication Date 12/01/2007
Event Date 10/22/2007
Party 1 Brokerage Eastern Consolidated
Party 1 Broker Eric Anton, Ronald Solarz, David Johnson
Party 2 Morris Moinian, Fortuna Realty Group

notes

The prewar building, which has 64 residential units and eight retail units, went into contract for $40 million. The property is expected to undergo major renovations and bring in new retail tenants.

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