German company 12.18. Investment Management pays $14M to Hyman Arbesfeld for hotel ground lease in Plaza District

German company 12.18. Investment Management through the entity 12.18 San Carlos Operations LLC paid Hyman Arbesfeld’s San Carlos Hotel, Inc. $13.7 million for a ground leasehold on 150 East 50th Street in Plaza District. The deal closed on November 6, 2019, and was recorded on December 4, 2019. The transaction consists of 1 parcel, including the tax class boutique hotel 10-100 rooms (HB). The property is 119,465 square feet.

The ground lease originally signed in 1999 was assigned to the new owner, a German company.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 147 residential (or hotel) units on September 7, 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 $405,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link