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News

Robert Douglas Advises on the $78,000,000 Sale of the Jade Hotel Greenwich Village, New York, NY

1/5/2016

 
New  York,  NY  –  Robert­Dou­glas  announced  today  that  it  advised 52 West 13th P, LLC, a sub­sidiary of Gem­ini Real Estate Advi­sors, in the sale of The Jade Hotel Green­wich Vil­lage. The sale was the result of a Chap­ter 11 pro­ceed­ing admin­is­tered by the U.S. Bank­ruptcy Court for the South­ern Dis­trict of New York. The 113-key bou­tique hotel, located on West 13th Street in the heart of Green­wich Vil­lage, was devel­oped by Gem­ini and was pur­chased for $78,000,000 by a ven­ture com­prised of Bridgeton Hold­ings and an off­shore fam­ily office.
“Green­wich Vil­lage is a unique mar­ket in New York,” com­mented Dou­glas Hercher, a Man­ag­ing Direc­tor with Robert­Dou­glas, “and the Jade Hotel is a jew­el­box prop­erty that is per­fectly posi­tioned to deliver guests both the quiet ambiance of the Village’s beloved tree-lined streets and a loca­tion that is within walk­ing dis­tance of the edu­ca­tion, tech­nol­ogy, enter­tain­ment, fash­ion, art and media busi­nesses in Green­wich Vil­lage, SoHo, Chelsea, and the Flat­iron and Meat­pack­ing Districts.”

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.”

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