Burnett Equities pays $52M to Herald Hotel Associates for hotel in Korea Town
Burnett Equities through the entity Wdco Nyc Martinique Hotel LLC paid $52 million to Herald Hotel Associates through the entity Seasons Affiliates, LLC for The Hotel Martinique (H2) at 1260 Broadway in Korea Town, Manhattan.
The deal closed on November 9, 2021 and was recorded on December 2, 2021.
The property has 278,905 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $186 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 25, 2008, for $45.9 million.
The signatory for Herald Hotel Associates was Jessica Sillins. The signatory for Burnett Equities was Andrew Burnett.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million. One of the projects were to change the building from a J-1 to a R-1.
Burnett Equities plans to invest an additional $55 million to redevelop the 531-room property, according to Globe Street.
The former owners according to the Department of Housing Preservation and Development included Bernard Sillins, head officer and Salvatore Tuccelli, officer. The business entities are Herald Hotel Associates, Lp, Thurcon Properties Ltd., and Season Affiliates.
Within a 400-foot radius of 1260 Broadway, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
One of those six items was a sale which Edmund Jin bought four condo units in the 24-unit mixed-use building (RC) on 20 West 33rd Street for $35.3 million from 60 Guilders on October 22, 2020.
Of those six items, five were loans above $5 million totaling $515.4 million. The most recent of the five was RCI Hospitality Holdings which borrowed $10.7 million from Centennial Bank secured by the 7,450-square-foot, one-unit mixed-use building (K2) on 50 West 33rd Street on October 18, 2021.
Direct link to Acris document. link