Brookfield Property Partners pays $83M to Prudential Financial’s PGIM Real Estate for Ink48 Hotel in Clinton

Brookfield Property Partners through the entity BSREP III 653 Hotel LLC paid Prudential Financial’s PGIM Real Estate’s 653 Eleventh Ave LLC $82.7 million for the 222-room Ink48 Hotel at 653 11th Avenue in Clinton. The sale price reflects the weak hotel market, as it’s far below the 2010 debt level of $136 million. The deal closed on September 16, 2019, and was recorded on September 25, 2019. The property is 153,363 square feet. The parcel(s) have total development potential of 153,363 square feet.
The average sale price per square foot is $539.
The estimated cap rate is 4.5%
Jeffrey Davis and Stephany Chen of JLL represented Prudential’s PGIM in the sale, Kevin Davis and Barnett Wu, also of JLL, represented Brookfield with the financing. Ink48 Hotel
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 222 residential (or hotel) units on August 1, 2012.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $264,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.