AEW Capital pays $49.9M to Stonebridge for hotel leasehold in Grand Central

AEW Capital Management through the entity E 48th Hotel Owner LLC paid $49.9 million to Stonebridge Companies through the entity Rih-SB Property Holding Company, LLC for the leasehold of an extended stay hotel (H3) at 148 East 48th Street in Grand Central, Manhattan.
The deal closed on June 4, 2021 and was recorded on June 16, 2021.
The property has 114,500 square feet of built space and 0 square feet of additional air rights for a total buildable of 100,910 square feet according to PincusCo analysis of city data. The sale price per built square foot is $435 per the PincusCo analysis.
The signatory for Stonebridge Companies was Kevin J. Corrigan. The signatory for AEW Capital Management was Anthony S. Crooks.

AEW was a co-owner of the hotel in 2013 before a sale in 2014. This is an assignment of a ground lease for the Residence Inn by Marriott New York Manhattan/Midtown East, which has an alternate address of 144 East 48th Street. The ground lease was originally created February 15, 2011, and runs for 75 years. The fee owner is an affiliate of Rao & Rao. Anthony “Tony” Crooks is a managing director at AEW.  Kevin Corrigan is with Global Securitization Services.

Within a 400-foot radius of 144 East 48th Street, PincusCo identified nine commercial real estate items of interests that occurred over the past 24 months.
Of those nine items, three were for major renovations including a certificate of occupancy change. They was one permit application with a total initial cost of $336,272.0 and two permits with a total initial cost of $19.6 million. The most recent of these three items was the permit on September 18, 2020 for a 490,000-square-foot B building withno residential units at 780 Third Avenue.
One of those nine items was a sale which Hong Kong-based Hopson Development Holdings bought a development site (V1) on 131 East 47th Street for $115 million from New Empire Real Estate Development on December 19, 2019.
Of those nine items, five were loans above $5 million totaling $348.4 million. The most recent of the five was Angelo A. Federico who borrowed $6.5 million from Flushing Bank secured by the 21,400-square-foot, one-unit commercial building (M9) at 153 East 48th Street on March 3, 2021.

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