Premier Equities pays $18M to Hersha Hospitality Trust for hotel in Tribeca

Premier Equities through the entity Premier 130 Duane, LLC paid $18 million to Hersha Hospitality Trust through the entity 5444 Associates, A Pennsylvania LP for hotel (HB) at 130 Duane Street in Tribeca, Manhattan.
The deal closed on May 13, 2021 and was recorded on May 25, 2021.
The property has 17,452 square feet of built space and 446 square feet of additional air rights for a total buildable of 17,909 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,031 and the price per buildable square foot is $1,005 per the PincusCo analysis.
The signatory for Hersha Hospitality Trust was Ashish R. Parikh. The signatory for Premier Equities was Mark Mermel.
(102639628)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential units on July 24, 2012.
The former owners according to the Department of Housing Preservation and Development included Ashish Parikh, head officer and Jay Shah, officer. The business entity was 5444 Associates.

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