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.”
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.”
RSS Feed
