Marriott Vacations Worldwide pays $98.6M to 54 Madison Partners for balance of purchase of hotel

Marriott Vacations Worldwide and Marriott Ownership Resorts, Inc paid 54 Madison Partners’s 54M 33W37 LLC $98.6 million for commercial condo units in 33 West 37th Street in Garment District. The deal closed on January 15, 2021 and was recorded on January 21, 2021. The transaction consists of 12 parcels, including the tax class hotel/boatel condominium (RH).

Harry Silverman’s 54 Madison sold the remaining commercial condo units at the property, Marriott Vacation Club Pulse. 54 Madison acquired the property in 2016 for $105 million, converted it to a 23-unit commercial and timeshare condo in 2020 and began selling units to Marriott that year. Alll 23 units have sold to Marriott, which happened in 8 transactions, began in 2020 and totaled $185 million.

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