News:
Brokerage
Posted: December 18, 2018
Guarino of Friedman-Roth reps seller in $56.625 million sale; Hershberg of Friedman-Roth procures buyer, The Lightstone Group
Manhattan, NY Friedman Roth Realty Services has brokered the sale of two properties on the southeast corner of Broome and Bowery on the Lower East side. The deal closed for $56.625 million for three separate blocks and lots and two separate sellers, with a total buildable of 70,000 s/f from all three sites combined.
Richard Guarino of Friedman Roth Realty Services was exclusively marketing 151-153 Bowery aka 331-337 Broome St. for one of the sellers, Emmut Properties. The next door neighbor 145-149 Bowery LLC controlled by Lau Management, which is a five-story elevator building and a five-story walkup building was included as part of the sale.
Marc Hershberg of Friedman Roth Realty Services procured the purchaser, The Lightstone Group. The Lightstone Group plans to build the fourth Moxy Hotel at the site. The brand is part of Marriott.
“This area of the Lower East Side is poised for new hotel development, which wasn’t popular as recently as a few years ago due to limited vacant lots and sizable development sites, is now one of the most sought-after markets in the city for new construction. I strongly believe the Moxy Hotel will be a perfect fit in this submarket, as it caters to the millennial generation and offers a very high-end and trendy product which is in the highest demand we’ve seen historically to date,” said Hershberg.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
