Katara acquires Dream Downtown ground lease valued at $125.6M from Dream Hotels

Qatar-based Katara Hospitality through its Q Downtown NY LLC acquired the ground lease valued at $125.6 million from Dream Hotel Group’s Sahara Dreams LLC for the Dream Downtown hotel and retail condominium units, at 346 West 17th Street also known as 355 West 16th Street, in Chelsea, Manhattan.
The deal closed on June 1, 2021 and was recorded on June 7, 2021.

The two properties have 183,484 square feet of built space. The sale price per built square foot is $684 per the PincusCo analysis.

The signatory for Katara was Andrew Humphries and for Dream Hotel it was Rabinder Pal Singh.
(104579029)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 315 residential units on September 12, 2012.

Direct link to Acris document. link

Correction: An earlier version of this post incorrectly identified the hotel as the Maritime Hotel, which is next door.