Kam Sang Company pays $231.2M to Abu Dhabi Investment Authority for hotel in Flatiron District

Kam Sang Company through the entity Newage Madison, LLC paid $231.2 million to Abu Dhabi Investment Authority through the entity Black Slate F 2013 LLC for the 273-key hotel building (H1) at 5 Madison Avenue in Flatiron District, Manhattan. The expected use is cash flowing.
The deal closed on October 9, 2025 and was recorded on October 17, 2025. The property has 252,109 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $917 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 Real Deal reported on this sale last week.
The seller bought the property on June 4, 2025, for $94.7 million. The signatory for Abu Dhabi Investment Authority was Courtney C. Nowell . The signatory for Kam Sang Company was Tiffany Lam. The contract date was August 19, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kam Sang Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abu Dhabi Investment Authority had not purchased any other properties and had not sold any properties over the same time period. The 252,109-square-foot property generated revenue of $53.6 million or $213 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Flatiron District has 252,109 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of zero feet and is zero feet deep with a total lot size of 6,361 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $92.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 8, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 1.8 times the average sales volume among other neighborhoods with $540.8 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Flatiron District has 3.4 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 960,659 square feet of the 960,659 square feet. The two identified owners are National Pension Service Of Korea and Abu Dhabi Investment Authority.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 960,659 square feet of built space are office buildings, with hotel buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Abu Dhabi Investment Authority owned at least three commercial properties in New York City with 1,191,733 square feet and a city-determined market value of $436.7 million. (Market value is typically about 50% of actual value.) The portfolio has $154 million in debt, borrowed from First Abu Dhabi Bank. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

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