Real Estate Weekly
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SELLING POINTS: Flatiron hotel acquired by Fortuna, M&M active in the East Village

● Fortuna Realty Group
Morris Moinian buys
Flatiron hotel

Morris Moinian’s Fortuna Realty Group has acquired a Wyndham franchised hotel property in the Flatiron District for $60 million.

Represented by Windels Marx, Fortuna Realty submitted the winning bid at auction to acquire the property located at 37 West 24th Street.

The newest addition to their portfolio of hospitality developments, the hotel joins the ranks of lifestyle hotels including Hotel Hugo, Hotel Indigo Chelsea, Garden City Hotel and Sugar Bay Resort & Spa.
The hotel’s neighborhood has emerged as the location of choice for New York’s growing TAMI (technology, advertising, marketing and information technology) sector and is a hub for boutique hotels, chef-driven restaurants, nightclubs, and high-end condominium developments.

Built in 2008, the 124-key hotel was designed by architect Michael Graves as a contemporary urban retreat and boasts a 2,185-square-foot retail space on the ground floor.
Fortuna plans to convert the property into a high-end boutique hotel, bringing a new lifestyle focus to the neighborhood.

“We chose the property for its strategic location and to capitalize on current neighborhood trends,” said Morris Moinian, president and founder of Fortuna Realty Group.

“As the Flatiron District continues to evolve into a flourishing cultural-hub, we’re excited at the prospect of bringing a new luxury lifestyle element to the area.”

● Eastern Consolidated
Dalan makes another
Midtown play

Eastern Consolidated has arranged the sale of a 70,000 S/F 12-floor office building with ground floor retail at 22-24 West 38th Street in Midtown for $43.5 million.

The buyer was Dalan Management, a Manhattan-based firm led by Andrew and Daniel Wrublin, which owns and manages over one million square feet of residential, commercial, and mixed-use properties.

Ron Solarz, executive managing director and principal of Eastern Consolidated, and Nataliya Stelmakh, associate director, represented the seller, 22 West 38th Street Associates LLC.

Ben Tapper, senior director and principal of Eastern Consolidated, represented Dalan Management. Gary Meese, senior director of financial services, was the analyst for the deal.

“We are pleased to be acquiring another office property in need of a re-positioning. We intend to substantially upgrade the lobby, elevators, and tenant spaces in order to modernize the building,” said Andrew Wrublin, principal of Dalan Management.

Daniel Wrublin, principal, added, “We have had success executing a similar strategy at 10-12 East 33rd Street. We look forward to transforming this property into a modern, high-end building that tenants can enjoy for years to come.”

Accor5ding to Tapper, the property has “a great physical structure with high ceilings and columns on center that will allow for maximum flexibility when leasing office space in the neighborhood, which is transitioning from exclusively garment industry businesses to tenants in the tech sector and other professional industries.”

● Meridian Investment Sales
Midtown East townhouse
hits market

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell two adjacent interconnected townhouse properties in Midtown East.
The renaissance revival-style buildings are located at 117 and 119 East 55th Street, between Park and Lexington Avenues.

The property is being offered for $28 million and will be delivered vacant.
Both buildings were constructed in 1905 and completely renovated and combined in 2002 by Bromley Caldari Architects to create a contiguous property.

117 and 119 East 55th Street have 37.5 feet of frontage and 12,305 s/f of air rights in addition to 14,166 gross square feet in the existing buildings. T
he property is currently configured as a boutique office building and a penthouse apartment with two elevators and a slate patio.

Meridian senior executive managing director David Schechtman, is marketing the property.

● Marcus & Millichap
Icon sells East Village

Marcus & Millichap arranged the sale of two renovated East Village apartment buildings for $20 million, or $1 million per unit.

The six-story, 20-unit property located at 326-328 East 4th Street was sold by Peter Von Der Ahe, Joe Koicim, David Lloyd, and Corey Isdaner on behalf of Icon Realty Management.
Von Der Ahe, Koicim, Isdaner and Sean Lefkovits also procured the buyer, a South Carolina-based investor.

“The properties have been completely refinished and are fully free-market,” said Von Der Ahe.

“They have strong in-place cash flow and the tenants pay for heat and electricity, which ensures that the owner’s expenses are kept low.”

● Advance realty / Invesco
JV makes Paramus retail buy

The partnership of Advance Realty and Invesco Real Estate announced the acquisition of a 244,000 s/f retail portfolio, comprised of four properties, located on Route 17 in Paramus, N.J.

Three of the buildings are situated at 289-315 Route 17 South, while the fourth sits at 60 Route 17 North.
Christopher M. Bellapianta, managing director and principal of Advance Realty, led the joint-venture partnership in the acquisition of the portfolio.

289-315 Route 17 South features two stand alone buildings that are occupied by PGA Tour Superstore and a P.C. Richard & Son. The third building is an older 72,184 s/f office building that the partnership plans to redevelop.

“Paramus is among the most desirable retail corridors in the United States, with extremely favorable supply and demand characteristics and an estimated $5 billion in retail sales annually,” said Peter J. Cocoziello, president and CEO of Advance Realty.

“The portfolio affords our partnership durable in-place cash flow with upside potential.”
Jamie Sackeim of The Dartmouth Company will serve as exclusive leasing agent for Route 17 South.

The fourth property, located at 60 Route 17 North, is a 74,900 s/f power center featuring tenants including DSW Designer Shoe Warehouse, PetSmart and a 25,000 s/f Staples store that will be re-tenanted.

“This strategic acquisition offered our partnership an opportunity to purchase irreplaceable real estate on an established trade corridor,” said Lesley Lisser, director, asset management, Invesco Real Estate.
Chuck Lanyard, president of The Goldstein Group, will serve as the exclusive leasing agent. for the northbound asset.

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