Concord Hotels pays $69M to McSam, Jiten Hotel for FiDi hotel
Concord Hotels through the entity Concord Panorama Greenwich LLC paid $69 million to McSam Hotel Group and Jiten Hotel Management through the entity Bl Interests LLC for hotel (H2) at 100 Greenwich Street in Financial District, Manhattan.
The deal closed on September 21, 2021 and was recorded on September 29, 2021.
The property has 70,918 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $972 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 December 19, 2012, for $19 million.
The signatory for McSam Hotel Group and Jiten Hotel Management was Vinson J. Friedman and Sam Chang. The signatory for Concord Hotels was Julie L. Richter.
(121234976)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 192 hotel units on October 26, 2017. (121234976) Plans for a 192-key, 67,793 square-foot R-1 were filed on June 6, 2013 and were permitted on January 6, 2015.
Within a 400-foot radius of 100 Greenwich Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $37.9 million and one permit with a total initial cost of $1.9 million. The most recent of these two items was the filing on August 10, 2021 for a 140,463-square-foot A-2 building with one residential units at 123 Greenwich Street.
Of those 13 items, four were sales above $5 million totaling $181.4 million. The most recent of the four was Grubb Properties which bought the 0-square-foot development site (V1) on 111 Washington Street for $89.2 million from Pink Stone Capital Group on September 24, 2021.
Of those 13 items, seven were loans above $5 million totaling $237.7 million. The most recent of the seven was Grubb Properties which borrowed $60.0 million from Fortress Investment Group and Carmel Partners secured by the 0-square-foot development site (V1) on 111 Washington Street on September 24, 2021.
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