Dante Massaro, a principal with Gemini Real Estate Advisors, observed that “we are pleased to have been able to complete the sale of The Jade Hotel. Gemini conceived and developed the unique Jade concept, and the price we achieved confirms that the market fully recognized the value of the property and its location.”
“Despite recent headwinds due to increasing supply and a strengthening U.S. dollar, hotel investors are still drawn to New York’s strong rates and its proven ability to generate attractive, long-term returns,” said Evan Hurd, a Senior Director with RobertDouglas. “A broad range of domestic and international investors expressed interest in the hotel, and the final sale price of nearly $1,700 per square foot is one of the highest ever achieved for a boutique hotel in Manhattan and is a testament to Manhattan’s appeal as an investment market.”