Marriott Vacations buys six Midtown commercial condos for $86M
Company purchased units at 33 West 37th Street from 54 Madison Partners
Marriott Vacations Worldwide is buying up its property at 33 West 37th Street a few commercial condo units at a time.
The company, which was a wholly owned subsidiary of Marriott before being spun off nine years ago, purchased six commercial condo units at the building from its partner at the Midtown site, Henry Silverman’s private equity firm 54 Madison Partners, for about $86.4 million, according to property records.
Marriott Vacations and 54 Madison acquired the property together in 2016 for $105 million, and Marriott Vacations is now buying it up in three tranches, according to property records and Marriott Vacations spokesperson Ed Kinney.
The building is home to the Marriott Vacation Club Pulse, a 20-story timeshare that features the popular rooftop bar Top of the Strand.
Representatives for 54 Madison Partners did not respond to a request for comment.
New York is in the midst of a hotel construction boom, with more than 20 hotels opening in the city last year alone to push the total number of rooms up to about 123,000, according to NYC & Company. The total number of rooms should hit 144,000 by the end of next year.
Marriott alone plans to add almost 300,000 new rooms to its massive portfolio by the end of 2021, and the company bought the city’s famed Union Square W Hotel late last year from Westbrook Partners for $166 million. Marriott spun off its vacation subsidiary in 2011.